Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

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

tadtaxservice
Level 1
 
0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Solution

Accepted Solutions
Just-Lisa-Now-
Level 15
Level 15

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


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

View solution in original post

0 Cheers
8 Comments 8
Just-Lisa-Now-
Level 15
Level 15

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


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers
abctax55
Level 15

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

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
0 Cheers
abctax55
Level 15
And as Lisa clarified....no K-1 is issued as the income/expenses are reported on the F 1040
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
0 Cheers
tadtaxservice
Level 1
What adjustments do I need to make on 540 Sch C since SMLLC flows here from 1040 C
0 Cheers
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.
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
0 Cheers
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♥¸¸.•*¨*•♫♪
0 Cheers
tadtaxservice
Level 1
Thanks I never did SMLLC seemed to easy to be correct.
0 Cheers

Need to file CA 540 and CA 568. Unable to find the box I need to check for SMLL on Schedule C. Please help.

0 Cheers