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Where do i enter a 1099-b for LLC (schedule C)? I have a net loss between Proceeds and Cost basis

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June 6, 2019
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I'm using TurboTax Home & Business and trying to fill out the business section. I have a net loss between Proceeds and Cost basis for investments on form 1099-B. Breaking out the Proceeds as income and Cost basis as expenses, will produce a large income for form 568 for the State and I would have to pay additional State fee when in reality I have net loss. How do I fill out the income and expenses correctly in TurboTax so it results in no revenue?

TurboTax Home & Biz Windows

Best answer by DanielV01

On the Personal return, a 1099-B does not file on Schedule C but rather Form 8949 and Schedule D. Even if the 1099-B is associated with the LLC, it is still reported on these forms (unless you need to be filing a Partnership or an S-Corp return. Those returns are handled differently).

To guide you to enter your 1099-B correctly, please see this FAQ: https://ttlc.intuit.com/replies/4789365

DanielV01Answer

Employee

On the Personal return, a 1099-B does not file on Schedule C but rather Form 8949 and Schedule D. Even if the 1099-B is associated with the LLC, it is still reported on these forms (unless you need to be filing a Partnership or an S-Corp return. Those returns are handled differently).

To guide you to enter your 1099-B correctly, please see this FAQ: https://ttlc.intuit.com/replies/4789365

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