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    llounsbury's Avatar
    llounsbury Posts: 2, Reputation: 1
    New Member
     
    #1

    Feb 7, 2007, 04:31 PM
    Single Member LLC filed wrong form?
    I'm helping my husband do his taxes this year. He has a new business formed as a single member LLC in 2005. His tax preparer filed form 1065 for 2005. I understand that this should be file on Schedule C. Is that correct? If they did in fact file the wrong form for 2005, what do we have to do now?
    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
    Tax Expert
     
    #2

    Feb 7, 2007, 08:04 PM
    As long as your husband picked up 100% of the income in 2005, then I would leave that year as is. For 2006, all of the LLC's income and deductions should be shown on schedule C of Form 1040.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,818, Reputation: 846
    Senior Tax Expert
     
    #3

    Feb 8, 2007, 12:30 AM
    The K-1 from the partnership return (Form 1065) should be reported on Schedule E.

    IntlTax has a point. Who was your husband's partner in 2005?
    llounsbury's Avatar
    llounsbury Posts: 2, Reputation: 1
    New Member
     
    #4

    Feb 8, 2007, 08:27 AM
    He did pick up 100% of the income on schedule E. So, I guess I should go with Intltax's suggestion?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,818, Reputation: 846
    Senior Tax Expert
     
    #5

    Feb 8, 2007, 03:06 PM
    That's I would do!

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