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Am I correct in that a SMLLC 568 does not have a K1?

tadtaxservice
Level 1
 
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Just-Lisa-Now-
Level 15
Level 15

You are correct an SMLLC does not issue K-1s at all.  


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Just-Lisa-Now-
Level 15
Level 15

You are correct an SMLLC does not issue K-1s at all.  


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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abctax55
Level 15

SMLLC info is reported on the appropriate schedule on the Form 1040 of the member (Sch C, Sch E, Sch F....)

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abctax55
Level 15
And as Lisa clarified....no K-1 is issued as the income/expenses are reported on the F 1040
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tadtaxservice
Level 1
What adjustments do I need to make on 540 Sch C since SMLLC flows here from 1040 C
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abctax55
Level 15
None...you do have to make an adjustment on the CA return for the $ 800 LLC tax as it isn't deductible for CA purposes.
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Just-Lisa-Now-
Level 15
Level 15
You should be filing both the CA 540 and the CA 568 for the client.  Be sure you marked the SMLLC box at the top of the Federal Sch C so that the CA 568 gets the information transferred to it.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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tadtaxservice
Level 1
Thanks I never did SMLLC seemed to easy to be correct.
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