LLC Income: Schedule K-1 or Schedule C?

Forum|Forum|6 years ago
June 1, 2019
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I started an LLC in 2015. I am the only member. Do I have to do a Schedule C, or can I enter the income/loss in the Schedule K-1 section? And if I can go the K-1 route, do I have to obtain an actual K-1 form or can I simply calculate the LLC's net income/loss on my own?

TurboTax Self Employed Online

Best answer by Rick19744

As a single member LLC this entity is treated as a disregarded entity. As such, you will input this activity on a Schedule C using your SS# (you do not need a separate EIN unless you have employees).

Rick19744Answer

Employee

As a single member LLC this entity is treated as a disregarded entity. As such, you will input this activity on a Schedule C using your SS# (you do not need a separate EIN unless you have employees).

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