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Employee
March 19, 2024
Question

Hoe to file Single-member llc?

  • March 19, 2024
  • 2 replies
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2 replies

March 19, 2024

A single-member LLC is a disregarded entity for the IRS.

 

You file the income and expenses of a single-member LLC in the personal tax return of its owner, either on Schedule C (business activity) or Schedule E (rental activity) or Schedule F (farming).

 

Please read this IRS document.

 

 

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DoninGA
Employee
March 19, 2024

If you have not incorporated you single member LLC to a S Corporation, then your business is a disregarded entity according to the IRS.  You report your business income and expenses on Schedule C which is part of your personal tax return, Form 1040.

If you are using the TurboTax online editions you will need the Premium edition to report your personal income and your business income and expenses - https://turbotax.intuit.com/personal-taxes/online/premium/

 

However, if you have incorporated to an S Corporation you will have to use the TurboTax Business Edition to complete and file a Form 1120S for the S Corporation - https://turbotax.intuit.com/small-business-taxes/cd-download/

The Business Edition cannot be used to complete a personal tax return.