How do I report LLC income?
Single Owner
Menu Path: Income > Business / Rental Income > Business Income (Schedule C)
A single-owner LLC reports business income and expenses on Schedule C. Enter your LLC income and expenses in the Business Income (Schedule C) section.
Multi-Owner
Menu Path: Income > Business / Rental Income > Partnership Income (Schedule K-1)
If there is more than one owner in an LLC, the LLC is treated like a partnership for tax purposes. A Form 1065, partnership return, needs to be filed for the LLC. A Schedule K-1 will be given to each owner showing that owner's portion of LLC income that needs to be reported on the owner's Form 1040. Report your Schedule K-1 income from the multi-owner LLC on the Partnership or LLC Income and Deductions (Schedule K-1) screen.
Menu Path: Income > Business / Rental Income > Business Income (Schedule C)
A single-owner LLC reports business income and expenses on Schedule C. Enter your LLC income and expenses in the Business Income (Schedule C) section.
Multi-Owner
Menu Path: Income > Business / Rental Income > Partnership Income (Schedule K-1)
If there is more than one owner in an LLC, the LLC is treated like a partnership for tax purposes. A Form 1065, partnership return, needs to be filed for the LLC. A Schedule K-1 will be given to each owner showing that owner's portion of LLC income that needs to be reported on the owner's Form 1040. Report your Schedule K-1 income from the multi-owner LLC on the Partnership or LLC Income and Deductions (Schedule K-1) screen.
