Closing Business

[Seiffenhaus]

My business closed in 2024 and I'm wanting to file final return, but am not seeing any option to do this in Turbotax Business 2023. Is there a way to file final return for 2024?

[M-MTax]

Usually you check the box on the return but what kind of business? Does it own assets?

[Rick19744]

The issue here is that the business closed in the current year; 2024.

There are no 2024 forms at this point and won't be available for some time.

The way to handle this is to use the 2023 software / forms, print out the return(s) and cross out 2023 and mark 2024.  

If you have already created and filed the 2023 return using TT, then you will not be able to rollover the data and unfortunately need to prepare the return manually; a second option would be to create a "new" 2023 return but you will need to manually input most of the information. 

You will need to paper file the return.

Also make sure that you don't file the final 2024 return too close to the 2023 return to avoid confusion.