I have an LLC but it didn't make any money, do I have to file taxes for it? If so how can I do it through Turbo Tax?

[lewboo1]

we have not started we just have the llc

[NicoleU · Accepted solution]

Per the IRS, "If your sole proprietorship business has no profit or loss during the full year, it's not necessary to file a Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship), for that year. If this applies to you, then you may not need to upgrade.

If your business is inactive, but you receive payments such as insurance that relate to the business, you must report those payments on a Schedule C or Schedule C-EZ (Form 1040), Net Profit From Business (Sole Proprietorship).

For more information, please see this IRS link: https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-an...

[Menfro]

So, I was a partner in an LLC that we disolved in Dec 2020.  We made no income, but I personally sank about 5 thousand into the LLC.  Is there a way to claim that money as business losses on my personal income taxes filing?

[ToddL99]

Did you receive a K-1 from the LLC?