![]() You will likely have to file a state return as well. You do not need to be licensed to complete a tax return for your LLC. ![]() You can use Turbo Tax Premier to include K-1 information. Schedule K-1 is not reported on a Schedule C. You will include the Schedule K-1 in your personal tax return. This tax return can be prepared using Turbo Tax Business. This means that the LLC’s income and expenses are distributed to the members using a Form K-1. The IRS treats this type of LLC as a partnership. A multi-member LLC must file their own tax return. Otherwise, you are considered a multi-member LLC. The program will generate a Schedule C which is included in your individual tax return. There is a section to enter the general information about the business and then there sections for both income and expense. You will enter your business information under the Business tab of the program. When using Turbo Tax, use either Turbo Tax Self Employed (online) or Turbo Tax Home and Business (desktop software). This means that all income and expenses get reported on Schedule C of your individual tax return. ![]() A single member LLC is a disregarded organization by the IRS. If the two members are spouses and filing a joint tax return, you can elect to be treated as a single member LLC.
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