Dissolved LLC (multi-member)

[tcfear]

I dissolved our multi-member LLC on 3/15/2024 w/ the state of WI. On 3/18/2024 I filed our 2023 business return.  When do I need to submit the final tax return?

[tagteam]

See https://www.irs.gov/instructions/i1065#en_US_2023_publink11392vd0e874

Generally, a domestic partnership must file Form 1065 by the 15th day of the 3rd month following the date its tax year ended as shown at the top of Form 1065.

[tcfear]

Ok, so to be clear, I'll file the final return BY 3/15/25, correct?

[tagteam]

Your tax year closed when you dissolved your business (the LLC) so it's the 15th day of the 3rd month following that date.

[tcfear]

Thank you. I understand the 15th day of the 3rd month from the date I dissolved it on 3/15/2024.  I'm confused about filing it, in that, I filed my 2023 taxes on 3/18/24. When I go back into the business TurboTax, my 2023 filing is there and I don't see where I can create a new filing for this final return. Am I supposed to amend the 2023 filing? Otherwise, until TurboTax creates the new tax year, I don't know where/how to file the final return?

[tagteam]

Was that your final return (3/18/2024)? Did you not mark it as final?

[tcfear]

Since my Annual Report was submitted for the LLC this year, and I didn't dissolve until 3/15/24, I didn't think I could mark my 2023 return as final? Was that an error on my part? If so, would I just need to amend that return to mark it as final? (Sorry...I should answer your question...I guess the answer is "yes" because the LLC is done and we had no new expenses or earnings from 1/1/24-3/15/24)

[tagteam]

You could file a return for the short 2024 period and mark it as a final return,

The capital accounts, balance sheet, et al, should show that they have been zeroed out.

[tcfear]

Does a "short-return" still get filed the 15th day of the 3rd month from dissolution? Do you know if TurboTax offers a short-return in their business program?

[tagteam]

Yes, to your first question.

Secondly, you can use the 2023 Business edition to prepare the 2024 (short year) final return but you will have to print and mail it since you will need to adjust the dates manually after printing the return (and K-1s).