Solved

Will an LLC's income show on my personal tax return if the LLC files as a C-corp?

Forum|Forum|3 years ago
December 23, 2022
1 reply
0 views

I know the LLC income won't impact my personal income in this case. But I am asking from a pure privacy point of view. Will someone who has access to my personal tax return know that I have this LLC?

Not A Product Question

Best answer by Anonymous_

The income will be reported on Form 1120 so it will not appear on your 1040 directly.

However, if the corporation pays you a salary or dividend, those income items will appear on your 1040.

Further, state records may reveal information about your interest (or position) in the LLC (depending on the state in which the LLC is organized or registered to do business).

A

Anonymous_Answer

Employee

The income will be reported on Form 1120 so it will not appear on your 1040 directly.

However, if the corporation pays you a salary or dividend, those income items will appear on your 1040.

Further, state records may reveal information about your interest (or position) in the LLC (depending on the state in which the LLC is organized or registered to do business).

J

jeuisomega123Author

Thanks for the spot-on answer. Follow up question.

1- I am a non Resident. So I plan to take a salary from the company for managing the organization. I believe this salary to the owner/member is not allowed in a typical LLC, but I am finding that it is permitted in an LLC filing as a Corp? Is that accurate?

2- Even in the case of a dividend, it will not show that it is from this LLC, particularly that I own. 100% of. But rather clubbed with the dividend income from all the other publicly traded stocks I hold. Is that accurate?