turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

skossatz
New Member

Am I required to file a tax return as a foreign partner in an LLC, when I receive a Schedule K-1 that has only losses and I have no other US income?

I used to live and work in the US until 2019 (under a work visa), but now moved back to Germany. I filed taxes in previous years, but now my only ties to the US is the LLC and the Schedule K1. The company has only reported losses so far. TurboTax produces a $0 federal refund if I add all information. Do I need to file?
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
pk
Level 15
Level 15

Am I required to file a tax return as a foreign partner in an LLC, when I receive a Schedule K-1 that has only losses and I have no other US income?

@skossatz ,  if you are talking about  2020 return --- you probably  still should file  so as to record the loss ( this  of course means you have to file  by mail ) --- you are filing 1040-NR right ?   Note  that this is not supported by  TurboTax.   Note also that Net Operating Losses  may be carried back -- and thus  may need amended returns for earlier years.   Suggest you seek professional help on this 

 

Also note that business losses  for 2020 ( reported on K-1 ) may be useful for your  German  tax filing  (  as far as I am aware  Germany is on a world income scheme ). 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies