single member LLC taxes not included on personal return

Forum|Forum|1 year ago
June 14, 2024
1 reply
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I got an extension to file taxes for the year 2023. I filed my personal taxes thinking I have to file my taxes for the single member LLC separately. Now I have found out that a single member is treated as a disregarded entity and was supposed to be on my personal return.

To make matters more complicated, I have my LLC registered in Wyomming and I live in California. I am not sure how to proceed. Please help.

Thanks

Not A Product Question

Bsch4477

Employee

If you have already filed wait until the return has been processed and any refund or tax liability settled before amending.

PK9999Author

So I will need to amend my personal return and add the schedule C to it? My return was accepted, and a refund is expected soon.

VolvoGirl

Employee

Yes, exactly. But you need to wait for the original return to be fully processed and you get the first refund. Then you can Amend. Oh, but is your Single Member LLC set up as an S corp? That is different.

How to Amend the current year
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-current-year/L7eS6o1qh_US_en_US?uid=lfunevhk

Then you file it as a disregarded entity on schedule C as self employment. You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium version. Or use any of the Desktop CD/Download programs.

How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

Where to enter business expenses
https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-self-employment-business-expenses-like-home-office-vehicle-mileage-and-supplies/01/27109