I closed a LLC in 2020. What do I need to complete...
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ajwinkler
New Member

I closed a LLC in 2020. What do I need to complete for Federal returns to close business taxes? I was sole owner.

 
2 Replies
tagteam
Level 15

I closed a LLC in 2020. What do I need to complete for Federal returns to close business taxes? I was sole owner.

A single-member LLC without an election to be treated as a corporation (S or C) for federal income tax purposes is a disregarded entity and, typically, files a Schedule C to report trade/business income and expenses.

 

Have you been filing Schedule C? Did you sell your business or simply cease operations?

 

If you ceased operations, you most likely just need to convert any assets you had entered in TurboTax to personal use.

Critter-3
Level 15

I closed a LLC in 2020. What do I need to complete for Federal returns to close business taxes? I was sole owner.

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