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I started a business in 2017. My "self-employment income/expenses" section resulted in a loss. Also completed a LLC K-1 with the same loss. Are you supposed to do both?

Forum|Forum|7 years ago
June 1, 2019
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TurboTax Self Employed Online

Best answer by MichaelDC

No. You do not need a K-1 for a Single-member LLC. K-1s are used for LLC partnerships or those that have elected to be an S-Corp.

Single-member LLC (sole proprietorship): If you're a sole proprietor who formed an LLC with just yourself as a member, you'll file Schedule C with your Form 1040 and include all LLC income and deductions there.

Please feel free to post any additional details or questions in the comment section.

M

MichaelDC

Employee

Is you LLC a single member LLC or did you elect to be an S-Corp or do you have a partnership?

K

kirkclaybergAuthor

It's a single member LLC

VolvoGirl

Employee

Why do you have a K-1? Did you prepare a 1120 S Business Return? It’s either/or. You either enter a K-1 you got from a separate Business return or you fill out schedule C in your personal return.

M

MichaelDCAnswer

Employee

No. You do not need a K-1 for a Single-member LLC. K-1s are used for LLC partnerships or those that have elected to be an S-Corp.

Single-member LLC (sole proprietorship): If you're a sole proprietor who formed an LLC with just yourself as a member, you'll file Schedule C with your Form 1040 and include all LLC income and deductions there.

Please feel free to post any additional details or questions in the comment section.