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I have a Single Member LLC with 1 employee. Payroll creates his W-2 & another for me. Do I include myself in Employee Wages? Do I enter my W-2 from my LLC under Personal?

Forum|Forum|6 years ago
June 1, 2019
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Outside of my 9-5 job (with a W-2), I have a Single Member LLC with 1 employee.
Payroll creates his W-2 & another W-2 for me.

1) Do I include myself in Employee Wages?
2) Do I enter my W-2 from my LLC under Personal?

3) Where do I enter tax deposits previously paid from Form 941?

Many thanks!

TurboTax Home & Biz Mac

Best answer by PatriciaV

1) Yes, all wages paid by the LLC are reported on Schedule C as Employee Expenses, along with the employer portion of payroll taxes. Be sure you indicate during the business profile set-up that you have employees (you have two - yourself and one other).

2) Yes, enter the W-2 you received from the LLC under Wages & Income >> W-2.

3) Estimated Taxes you paid for the year are entered under Deductions & Credits >> Estimated Taxes >> Federal Estimated Taxes, by quarter.

PatriciaVAnswer

1) Yes, all wages paid by the LLC are reported on Schedule C as Employee Expenses, along with the employer portion of payroll taxes. Be sure you indicate during the business profile set-up that you have employees (you have two - yourself and one other).

2) Yes, enter the W-2 you received from the LLC under Wages & Income >> W-2.

3) Estimated Taxes you paid for the year are entered under Deductions & Credits >> Estimated Taxes >> Federal Estimated Taxes, by quarter.

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patrick2Author

Estimated Tax Payments (Line 65) for my Federal and State Tax Filings were Adjusted/Corrected, slashed from $3000 to $0.

I own a small consulting LLC for which I paid estimated taxes throughout 2015 as well as myself via a W2.

I asked this forum "Where do I enter tax deposits previously paid from Form 941?" to which I was guided: "Estimated Taxes you paid for the year are entered under Deductions & Credits >> Estimated Taxes >> Federal Estimated Taxes, by quarter."

1) I summed each quarter's Form 941 payment to Federal EFTPS, Is that the appropriate content for Estimated Taxes?

2) Should I appeal the IRS decision directly or is that something for a professional (CPA, Tax Lawyer, etc)?