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March 4, 2025
Question

Loss carryforward multimember llc

  • March 4, 2025
  • 1 reply
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Company (multi member LLC) was established in 2021 resulting in losses in the last three years. In 2024 there is a profit. For business there is no tax due but personal there shows now tax for self employment. Where do I report loss carryforwards to avoid these tax?

    1 reply

    March 4, 2025

    Loss carryforwards do not reduce the current year's self-employment income. Each year stands on its own.