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Level 2
April 27, 2020
Question

Can I enter a single member llc, into Form 1040?

  • April 27, 2020
  • 4 replies
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4 replies

Just-Lisa-Now-
Intuit Community Champion
April 27, 2020

SMLLC's use Sch C that is included with a 1040, is that what you're asking?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
abctax55
Level 15
April 27, 2020

SMLLC's can also be rentals; to generate Sch E, that's Screen 18.

IF, as Lisa commented, it's a Sch C, that's Screen 16.

Then there's the random Farm, Sch F  (that would be Screen 19).

And bonus question of the day - what state?

 

HumanKind... Be Both
abctax55
Level 15
April 27, 2020

AND... are we safe assuming this SMLLC didn't elect to be treated as some other kind of taxable entity?

HumanKind... Be Both
George4Tacks
Level 15
April 28, 2020

Yes. Here is a helpful link https://proconnect.intuit.com/community/help-articles/help/lacerte-individual-smllc-frequently-asked-questions/00/5382 AND, surprise, surprise, the links within in it are not broken!

If you have a different state, come back and share that with us.

Answers are easy. Questions are hard!