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June 6, 2019
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What form(s) do I need to complete for an LLC in a state I do not reside in that has no income or expenses, and where are they in Turbotax?

  • June 6, 2019
  • 1 reply
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I have lived in Missouri for the last 2 years, but still have an LLC that I created in Arizona that doesn't have any income or expenses. What form(s) do I need to complete, where are they in Turbotax, and what version of Turbotax should I use? I am currently using "Self Employted".

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Your LLC is a disregarded entity for taxes; which means there's no tax form for you to file for your LLC. Instead, if you're one member (owner) LLC, then you default to be taxed as self-employed. If you have two plus owners, then you default to be taxed as a partnership. The LLC is for legal purposes to separate losses (lawsuits) from personal assets.

If you're self-employed, you simply report all business income and expenses on a schedule C. If you don't have any, you don't file the form. Otherwise, activity flows through to you; so if there's a rental property, it's simply reported as personal rental income.

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Answer
June 6, 2019
Your LLC is a disregarded entity for taxes; which means there's no tax form for you to file for your LLC. Instead, if you're one member (owner) LLC, then you default to be taxed as self-employed. If you have two plus owners, then you default to be taxed as a partnership. The LLC is for legal purposes to separate losses (lawsuits) from personal assets.

If you're self-employed, you simply report all business income and expenses on a schedule C. If you don't have any, you don't file the form. Otherwise, activity flows through to you; so if there's a rental property, it's simply reported as personal rental income.