Question

Can I use TurboTax to offset W2 income with loss from an LLC? I quit my corporate job halfway through the year and formed a small business that showed a loss.

Forum|Forum|7 years ago
June 6, 2019
1 reply
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Pretty straightforward:

First 7 months of year I was a W2 employee. In August, I quit my job to form a single-member LLC (a completely different business - I'm not just contracting in the same industry) that showed a loss. Can I use the loss from the LLC to offset my W2 income using TurboTax?

TurboTax Basic Online

VolvoGirl

Employee

Did you file a separate Business return for it? Like a 1120 S corp? If you are not a S corp it is a disregarded entity and you just file a schedule C in your personal 1040 return. So yes you can show a loss on your return which will be deducted from your other income. You will have to use the Self Employed version to fill out schedule C and expenses.

How to fill out schedule C
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