We live on a small farm. In 2022, our farm became an LLC. I know we can file our personal and business taxes together. I am needing to know exactly what we should do.

Forum|Forum|3 years ago
February 18, 2023
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The farm ran at a loss this year.

TurboTax Online

MAK70

If you want to file your farm as an LLC on your personal return, you would need to file the information on Schedule F. You can only file an LLC on your personal return if it is single-member or you and your spouse IF in a community property state with both active in the business.

As a single member LLC the income and expense items from your farm get reported on your personal return (Schedule F). You do not have to complete a business return nor does the business have to issue a form K-1. A single member LLC is a disregarded organization by the IRS.

See Limited Liability Company Taxes - TurboTax Tax Tips & Videos and What is Schedule F: Profit or Loss from Farming - TurboTax.