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March 2, 2025
Question

Wrong filing

  • March 2, 2025
  • 1 reply
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I filed my LLC as business taxes instead of personal. How do I correct it

    1 reply

    March 2, 2025

    If you mistakenly filed your LLC taxes as a business instead of personal, here's how you can correct it:

     

    For Single-Member LLC

    If your LLC is a single-member, it should be treated as a disregarded entity. This means you report your business income on Schedule C of your personal tax return (Form 1040).

    1. Amend Your Return: File an amended return using Form 1040-X. You can find detailed instructions on the IRS website
    2. Add Schedule C: Complete Schedule C to report your business income and expenses.
    3. Submit Form 1040-X: Attach the completed Schedule C to Form 1040-X and submit it to the IRS.

    For Multi-Member LLC

    If your LLC has multiple members, it's typically treated as a partnership, and you should file Form 1065.

    1. Amend Your Return: Amend your personal return and file Form 1065 for the LLC.
    2. File Form 1065: Complete and submit Form 1065 for the LLC.
    3. Issue K-1s: Each member will receive a Schedule K-1, which they will use to report their share of the partnership's income on their personal tax returns.

    TurboTax Instructions

    TurboTax provides a step-by-step guide to help you amend your return. You can find more information on the TurboTax support page.

     

    For more detailed instructions on amending your return, you can also visit the IRS page on filing an amended return.