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Single member LLC and side job question

Forum|Forum|3 years ago
March 14, 2023
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Hi.

I worked part time for 4 companies. Two of them are W2 while other paid me as 1099 independent contractor under my LLC. How should I file single member LLC? Do I need to file separate or just 1? Lil confused what turbo tax version to buy. Thanks

TurboTax Business Windows

Best answer by MAK70

You will enter your SMLLC on a Schedule C so you will need Self-Employed (or Home & Business if you download). If the work was similar you can enter on one Schedule C (like if you use the same equipment, do the same type of work etc)- otherwise you must put each if unrelated, on separate Schedule Cs.

M

MAK70Answer

You will enter your SMLLC on a Schedule C so you will need Self-Employed (or Home & Business if you download). If the work was similar you can enter on one Schedule C (like if you use the same equipment, do the same type of work etc)- otherwise you must put each if unrelated, on separate Schedule Cs.

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Bobbychow305Author

Mary,

that was best and simple answer ever. Just confirm: download self-employed (home & biz). Follow instructions as it will let me put my W2 and 1099 as it's similar jobs?

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MAK70

Thanks for the clarification- your W2s will be separate- the go on Line 1a of your tax return. The other income can go on the Schedule C. When you are a W-2 employee, your employer must withhold Social Security and Medicare tax - you pay one half and the employer pays one half. With the Self- Employment, you must pay the Social Security and Medicare tax on net income- which is the amount you receive less expenses. @Bobbychow305