Single Member LLCs

Forum|Forum|3 years ago
September 6, 2022
1 reply
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We are Husband & Wife & we each own a single member llc. One LLC is registered to Husband and another LLC is registered to Wife. Do we each have to file married filing separately? Or can we file as married and each report our LLCs on one individual tax return?

Best answer by Bsch4477

File jointly. You would complete 2 Sch C’s on your joint return each reporting your separate LLC income.

B

Bsch4477Answer

Employee

File jointly. You would complete 2 Sch C’s on your joint return each reporting your separate LLC income.

S

szie21707Author

Employee

That's what I thought @Bsch4477 . However, it looks like ProSeries does not support multiple single member LLCs.

Thank you very much for your response & confirmation.

rjs

Employee

A single-member LLC is disregarded for income tax purposes. It's called a "disregarded entity." That means that you report it on your personal Form 1040 joint tax return the same as if it were a sole proprietorship or self-employment. You don't enter anything in your tax return to indicate that it's an LLC.

I'm sure ProSeries allows you to enter self-employment income separately for each spouse, producing a separate Schedule C for each spouse. But this is the TurboTax Community. If you need help with ProSeries you should post your question in the ProSeries Community.