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jgannon50
New Member

I created an LLC last year. I did not generate any revenue. Do I need to file desperately for this LLC, or can I note the LLC in my taxes.

 
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1 Reply
PatriciaV
Employee Tax Expert

I created an LLC last year. I did not generate any revenue. Do I need to file desperately for this LLC, or can I note the LLC in my taxes.

If the LLC is a single member entity, you should file form Schedule C as part of your personal tax return. If you have any expenses for your LLC, choose TurboTax Self-Employed. However, if you had no activity and did not receive an Employer Identification Number (EIN) for this LLC, you are not required to include Schedule C this year.

If you have elected to be taxed as an S-Corp, you will need to file a separate return for this entity (Form 1120-S, available in TurboTax Business).

If it is a multiple member LLC, you should file a separate Partnership/S-corporation return (Form 1065 or 1120-S). TurboTax Business is a stand-alone desktop product that can create a return for an LLC owned by more than one member.

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