Prop (LLC) tax question...

[cubical]

How do you guys report your taxes when trading through an LLC? I use trubotax. I am moving to IB, but need to know next year when I file my taxes for the LLC i just left. Thanks guys.

 

[Don Bright]

Quote from cubical:

How do you guys report your taxes when trading through an LLC? I use trubotax. I am moving to IB, but need to know next year when I file my taxes for the LLC i just left. Thanks guys.

(Not tax advice nor anything representing Bright Trading or any of it's affiliated businesses).

In our case, our traders receive a K-1 for their "triple net" income with an exemption from Self-Employment tax (FICA).

There are variables involved, from firm to firm.

FWIW,

Don

 

[yip1997]

Quote from cubical:

How do you guys report your taxes when trading through an LLC? I use trubotax. I am moving to IB, but need to know next year when I file my taxes for the LLC i just left. Thanks guys.

If LLC gives you K-1, just fill in the K-1 form with turbotax.

If LLC gives you 1099, you just report the 1099 earning in the turbotax. You need to pay self-employment tax with 1099, but turbotax will take care of it.