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Hi! I started an LLC in 2016 but had no income - only expenses. How/where do I indicate this?

 
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DS30
New Member

Hi! I started an LLC in 2016 but had no income - only expenses. How/where do I indicate this?

Once you have signed into your TurboTax Account (for TurboTax Online sign-in, click Here , then select "Take Me to My Return"), type "Schedule C" in the search bar then select "jump to Schedule C". (You may need to upgrade to enter your single-member LLC expenses.)

If these expenses are not related to a category lists under the "Other Common Business Expenses", then report these business expenses under "Other Miscellaneous Expenses."

Alternatively, To enter these business expenses into TurboTax Online (for TurboTax Online sign-in, click Here) or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Business"” tab
  2. Next click on “I’ll choose what I work on” (jump to full list)
  3. Scroll down the screen until to come to the section “Business Income and Expense”
  4. Choose “Profit or Loss from Business ” and select start/revisit/update.
  5. If your business is already listed, choose to "edit"
  6.  You will eventually get to a screen titled "Your () Business"
  7. Scroll down to Business Expenses and select "Other Common Business Expenses".
  8. Select "Other Miscellaneous Expenses" and enter here any uncategorized expenses.

Please refer to this IRS link for more information about Business Expenses


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3 Replies
DS30
New Member

Hi! I started an LLC in 2016 but had no income - only expenses. How/where do I indicate this?

Was this a single member LLC ?

Hi! I started an LLC in 2016 but had no income - only expenses. How/where do I indicate this?

Yes!
DS30
New Member

Hi! I started an LLC in 2016 but had no income - only expenses. How/where do I indicate this?

Once you have signed into your TurboTax Account (for TurboTax Online sign-in, click Here , then select "Take Me to My Return"), type "Schedule C" in the search bar then select "jump to Schedule C". (You may need to upgrade to enter your single-member LLC expenses.)

If these expenses are not related to a category lists under the "Other Common Business Expenses", then report these business expenses under "Other Miscellaneous Expenses."

Alternatively, To enter these business expenses into TurboTax Online (for TurboTax Online sign-in, click Here) or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Business"” tab
  2. Next click on “I’ll choose what I work on” (jump to full list)
  3. Scroll down the screen until to come to the section “Business Income and Expense”
  4. Choose “Profit or Loss from Business ” and select start/revisit/update.
  5. If your business is already listed, choose to "edit"
  6.  You will eventually get to a screen titled "Your () Business"
  7. Scroll down to Business Expenses and select "Other Common Business Expenses".
  8. Select "Other Miscellaneous Expenses" and enter here any uncategorized expenses.

Please refer to this IRS link for more information about Business Expenses


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