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rose323
Level 5
February 26, 2022

Taxpayer w2 with LLC for dependent

  • February 26, 2022
  • 1 reply
  • 2 views

I have a client who usually files with a W2 and one dependent. Now she has an LLC for her daughter for a small T-shirt business, that has more losses than gains. How would this work on a regular 1040? The taxpayer wanted to elect the sole proprietor option. A bit confused since it is the daughter's LLC. How would I set this up showing it is daughter's LLC. First time working with an LLC.

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    1 reply

    abctax55
    abctax55
    Level 15
    February 26, 2022

    The daughter's income or loss from the disregarded LLC goes on the daughter's tax return.  NOT on her mother's return.  

    Just like any other income of a 'dependent' .

    HumanKind... Be Both
      R
      rose323Author
      Level 5
      February 26, 2022

      Ok two separate returns. Got it. Her age is 17. 

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