Question

Single Member LLC tax

Forum|Forum|2 years ago
April 10, 2024
1 reply
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I usually file my taxes with the free version of turbotax online, however I started an LLC last july, 2023. Turbo Tax mentions the support of single member LLCs under the Live small business tax version, but its 300 dollars more than the turbotax premium

I am filing my taxes as a single member LLC, and also have some personal crypto gain/losses to file from 2023, which version do I need? Its very confusing, I don't need the live help. Theres so many different versions.

LLC

DawnC

You can use TurboTax Online Premium - Do You Own Taxes, linked here. The LIVE versions are more expensive because a TurboTax Tax Expert is going to prepare the return for you. As long as your LLC is a single member LLC, you don't need TurboTax Business, since you will use Schedule C.

For desktop options, you can use any version (they all have Schedule C) but since you have crypto transactions, I recommend using Online - Premium. You may find our Crypto Guide helpful when you enter that income.

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M

matt183896Author

Thank you so much Dawn, now one more quick question, I have a net short-term capital gain of $53 and your net long-term capital loss of $2,410, with a total realized loss of 2,357 dollars from both Robinhood, and coinbase, however its showing "All capital losses used in 2023 - $0.00", "Remaining losses carried forward to 2024 -$2,357, but also when I click on "See your capital losses and how they effect your taxes",

"Total capital losses

$2,357

These losses are deductible this year."

So are these being carried forward or being deducted this year?

I am pretty new to filing taxes for crypto as well.. Robinhood provided me a 1099, while coinbase said I did not qualify for a 1099, but sent me a 8949.. I linked both robinhood and coinbase to my turbotax online account

VolvoGirl

That is possible. If you have a negative AGI or negative taxable income it will show up on 1040 BUT it won't reduce the carryover to the next year. Have you entered all your other income?