Where’s the LLC Tax Form?


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swaggot

Have you ever tried looking for the tax form for your Limited Liability Company (LLC)? You aren’t going to have much success or if someone on some random forum tells you they have the answer, run! That’s because there is no answer.

Or rather, the answer is “It Depends.”

If you elect to be taxed as a C Corporation (use Form 8832), you use Form 1120. That’s the form that is used for a C Corporation.

If you elect to be taxed as an S Corporation (use Form 2553), you use Form 1120S. That’s the form that is used for an S Corporation.

If you don’t elect anything, the IRS will choose for you.

If there is more than one member (owner), then you are taxed as a partnership.

If you have just one member (single member), then you are taxed as a Sole Proprietorship (Schedule C) or passive income (Schedule E).

It gets confusing when a married couple owns an LLC. If they are in a community property state, the default is as if it is just one owner. If they are not in a community property state, the default is as if it is two owners.

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