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October 11, 2023
Question

Single member llc

  • October 11, 2023
  • 2 replies
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I have a single member LLC which received a K-1 in the single member llc's name.  There is no place to enter the K-1 income in Turbo Tax's schedule C.  Where do I enter the info.  Entering it as a personal K-1 doesn't make sense to me.  Help!

2 replies

Employee
October 11, 2023

@RSHINDEL1 wrote:

.........Entering it as a personal K-1 doesn't make sense to me. 


That is where you do enter the K-1, however.

RSHINDEL1Author
October 11, 2023

OK, thank you

October 11, 2023

a single-member LLC is disregarded for tax purposes so enter the k-1 as if the LLC didn't exist ie partnership k-1, s-corp k-1, trust/estate k-1. you cannot enter it on schedule C. k-1 instructions in Turbotax say if the partner is a disregarded entity (true) enter the partner's TIN (your LLC's TIN/EIN) and its name. there will be a page that asks for type of partner also check the disregarded entity box so you can enter the TIN and LLC's name

however, I saw that info nowhere on the official forms for filing. It only appears on a worksheet that you keep for your records. it cannot be submitted to the iRS as part of e-file so you would need to mail in your return if you wanted to include that page