I started a LLC partnership, but we have no expenses/income. Do I have to file a 1065/K-1? Do I have to buy TT H&B just show that I have no income/expenses for the LLC?

[mode0608]

I used to only do the Deluxe edition of Turbo Tax, however since being in a partnership LLC this year I was wondering if I had to upgrade to the Home and Business edition even though we had no income or expenses.

[DDollar · Accepted solution]

An LLC that is taxed as a partnership is subject to the same federal income tax return filing requirements as any other partnership. The LLC must file an informational partnership tax return on tax form 1065 unless it did not receive any income during the year AND did not have any expenses that it will claim as deductions or credits.

Thus, an LLC with no business activity that is taxed as a partnership is not required to file a partnership tax return unless there are expenses or credits that the LLC wants to claim.

If you choose to file Form 1065 for your LLC.  In order to do this with TurboTax, you would need TurboTax Business, not Home and Business.  If there were no other significant changes in your tax situation you should be able to use the Deluxe version for your 2015 return.

[mode0608]

Thank for the quick response David. That is very helpful!!

[zhao1128]

Dear David, your answer is very helpful appreciate it ! One more question regarding to "no need to file 1065/K1 if an LLC partnership doesn't have any activity " : do I still need to enter our LLC's information (name, starting date, EIN etc) in TT H&B program ? if yes, I guess we will just simply enter 0 on expense and also 0 on the expense/credit ? Please confirm. Thank you very much !