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New Member
posted Jun 3, 2019 12:21:24 PM

Can TurboTax help me fill out and print Kentucky form 765? The LLC had no income or expense thus is not required to file Federal forms.

Even though an LLC is not required to file Federal 1065 since there is no income or expense. Are they required to file a Kentucky form and if so which? Which TurboTax product do I need?


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6 Replies
Expert Alumni
Jun 3, 2019 12:21:25 PM

If you are a single member LLC (disregarded entity, sole-proprietorship, filing a Schedule C), you will need to file Form 725 LLET (Limited Liability Entity Tax) to maintain the LLC's registration in the state.  That Form is available in TurboTax desktop products towards the end of the KY interview.  You will need your business registration paperwork you filed with the Secretary of State when you registered the LLC for the Business ID numbers that are required.

New Member
Jun 3, 2019 12:21:26 PM

The LLC is not a sole-proprietorship as this answer assumed. Will this affect the solution presented? Members are husband and wife that file personal taxes jointly, would this be considered a "disregarded entity"?

Expert Alumni
Jun 3, 2019 12:21:27 PM

@steve-osborne  I'm sorry I didn't get back to you sooner as I was away.  Form 725 is for a single-member LLC in KY, whereas Form 765 is for a Partnership.  While a husband and a wife can file two separate Schedules C using a Qualifying Joint Venture election, they no longer can do so if they are operating the business as an LLC.  It sounds like you do need to file Form 765 in Kentucky, but that means you need to file Form 1065 on your Federal Return as well even if you had no activity.  (You would file the Form 1065 to state exactly that:  no activity).  It's the same idea:  to keep your LLC active, the correct form (either a 765 or a 725) must be filed to pay the annual $175 Limited Liability Tax.  If you no longer wish to maintain the LLC, you will still need to file a "Final" return to close it.

Expert Alumni
Jun 3, 2019 12:21:28 PM

@steve-osborne It turns out there is a known issue being worked on that may also be affecting you.  Please see this link that will advise you when it is resolved:  <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/7224702">https://ttlc.intuit.com/replies/7224702</a>

New Member
Mar 7, 2022 3:21:01 AM

I've already filed for my Federal and State taxes. I became a LLC in June but opened my ecommerce in August and there for I've been paying monthly taxes since Sept.  Do I have to do an amendment with Turbo Tax and fill out the form 725 or just file it separately using what information, my federal and state taxes? 

Expert Alumni
Mar 7, 2022 9:09:17 AM

You can file the Form 725 separately and do not need to file an amendment.  You will also need to include a copy of any applicable forms as per the Instructions for Form 725:

 

Required Federal Form and Schedules All single-member LLC entities must provide a copy of the following federal forms submitted to the Internal Revenue Service. Not every form below applies to every individually owned single-member LLC. Only attach the forms and schedules that apply to your company’s specific tax situation.

  1. Form 1040, 1041, or 1065 (all pages)
  2. Schedule C—Profit or Loss from Business
  3. Schedule D—Capital Gains and (Losses)
  4. Schedule E—Supplemental Income and (Loss)
  5. Schedule F—Profit or (Loss) from Farming
  6. Form 4562—Depreciation and Amortization (if required to be filed)
  7. Form 4797—Sales of Business Property
  8. Form 4835—Farm Rental Income and Expenses