I want to dissolve an LLC Partnership. I made some money in 2018. I need to complete a 1065 and K-1s before I do this. But I can't find any "2018" tax forms. Help!

[DianeW]

The 2018 forms will not be available until much closer to next year's filing time frame. If you start your business after the first month of your tax year or end it before the last month of your tax year, you'll have a short tax year (less than twelve months). Your tax return for the short tax year should reflect income and expenses for the period of time your business was in operation that year.

Here's what you can do. In certain situations, a taxpayer may need to file a short-period return before the newest version of tax software or IRS form is ready for the next tax year. For a short tax year, requirements for filing the return and figuring the tax are generally the same as the requirements for a return for a full tax year (12 months) ending on the last day of the short tax year. See Pub. 538, Accounting Periods and Methods.

This means that you can use the 2017 software and/or IRS form.  You must mail this tax return to the IRS and once they are printed you should cross out 2017 on all forms and write 2018 on all forms. 

One key issue to remember is the depreciation.  To arrive at the correct amount for 2018, you should use the same day and month in the 2017 preparation, for the date of removal from service so that the correct depreciation will be calculated for the short year.

[one pissed off]

can i use TT Business to electronically file short year partnership return (form 1065) for year begininng 1/1/2023& ending 3/31/2023 or must it be mailed in by due date (6/15/2023)?

[DaveF1006]

Good news and bad news !! Yes, you should be able to electronically file a business tax return if due 06/15/2023.  The problem is  you cannot use your 2022 Turbo Tax Business Product to file this return. This is because the program will not allow you to enter dates beyond 2022.  As of now, the 2023 Business Product has not been released yet to file your short-year return. 

You might check back in May to see if there is a new release for the 2023 version of the Turbo tax. if not, you may need to use another service to file your return. 

{Edited 02/09/23} 4:36 PM PST} @one pissed off

[one pissed off]

i am not sure that is correct..... i am talking about using the 2022 business software  to file a short year return for 1/1/23  to 3/31/23.  i think you cant insert the proper begining year of the tax period or "cross out" the 2022 at the top of the return and insert 2023...check it out... any suggestions???

[DaveF1006]

Please check my previous reply regarding this post. I made some changes to it. Thank you for your patience.

@one pissed off 

[Mike9241]

from IRS 1065 instructions

Period Covered
The 2022 Form 1065 may also be used if:

2. The 2023 Form 1065 isn't available by the time the
partnership is required to file its return.
However, the partnership must show its 2023 tax year on the
2022 Form 1065 and incorporate any tax law changes that are
effective for tax years beginning after 2022.

that's the hang up.  you could file an extension.

also, you could reuse the 2022 app to create a 2023 return just not enter the fiscal year dates. but then you would have to change a lot of numbers so the beginning matches the 2022 ending numbers. then I would try to see if fiscal dates will be accepted. if not, print out and manually enter the fiscal year on the 1065 and k-1s. you would have to mail in the return.    maybe a lot of work. i would just extend  

[one pissed off]

well if you extend that gets you to 9/15/23 for a YE 3/31/23 (due date 6/15 plus 6 mos ext). also you cant use TT  since only 2022 sofware would be available and you cant make alterations on 2022 forms that would be required ti file --- like inserting the right taxable short year for starters.

Real issue is why hasnt TT intuit ever accounted for this situation in its software program? tis cant be a new issue.  Over the years i've found other flaws in the software (like in one instance an incorredt due date)  and it took TT a while to fix it and when they did no notification was ever issued.

anyway it is becoming apparent that hiring an accountant is the way to go