Do I need form 540 add on top 1040 sche C,E and 568 for a single member LLC?

Forum|Forum|4 years ago
February 28, 2022
1 reply
16 views

Tp is single member LLC for construction in CA, I am aware of form 1040 sche C and form 568.
On top he has rental income sche E (in CA also).
Please help :
Q: Is rental income (personal ) excluded on gross business construction receipt of form 568?
Q2. Do I need to file 540 form?
I appreciate all your support .

ProSeries Professional

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

You'll file the 1040, 540 and the 568.

If you marked the CA SMLLC box at the top of the federal form that is related to the LLC (either the Sch C or the Sch E), it should carry the proper figures over to the 568.

Just-Lisa-Now-

Answer

Intuit Community Champion

You'll file the 1040, 540 and the 568.

If you marked the CA SMLLC box at the top of the federal form that is related to the LLC (either the Sch C or the Sch E), it should carry the proper figures over to the 568.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

M

MybesttaxserviceAuthor

Level 5

I appreciate you Lisa

So should I exclude rental income (personal income on sche E) from form 568? Because tp registered LLC for business construction only ? Because LLC fee is based on gross receipt range.

And tp registered LLC on May 2021, Can I combine both sole proprietorship and LLC in one total 2021. Is that OK?

In order, I file 1040, sche C, sche E . Next 568 and next 540. Is that good order?

Again, thank you for your response

Just-Lisa-Now-

Intuit Community Champion

Like I said, if you mark the box at the top of Sch C that its an SMLLC the correct income should auto flow to the 568.

How much income are we talking about for the construction, CA has a minimum LLC fee of $800 as long as your gross receipts are under 250k. If your gross receipts are over that, you'd want to use 2 different Sch Cs and separate out the LLC income to keep it below that 250K threshold...but if its not, I dont think you need to hassle with all that, its going to be $800 due for the LLC regardless.

You can Efile all 3 returns at the same time.

Be sure youve downloaded/installed the CA SMLLC module so its in your list of states to switch over to from the federal return.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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