[kapil1198]

Hi,

I formed an LLC in 2008 with my other partners in the company.
How should I file taxes for the profits earned from the LLC?
I have received W-2 from my employer as well.

I think I cannot show my income from LLC as "self employement" as I am on H1B visa and can work only for my employer..

Any help would be greatly appreciated.

Thanks.

[AtlantaTaxExpert]

I suspect that the LLC was formed under a partnership, which means that the LLC must file a Form 1065 (Partnership return) and generate Schedules K-1 for each partner.

The Schedule K-1 that you receive will show your share of the net income from the partnership. That income will be reported on Page #2 of Schedule E.

Now, there may be a need to show that inmcome as self-employment income. If so, then report it as such, even if it violates the provision of your visa.

You will get into MUCH more trouble with the IRS for not reporting the income as self-employment income than you will with the USCIS for violating your visa.

You may need to restructure the partnership agreement to have the partnership pay you a salary to avoid this problem in the future.