turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Mark no longer has a business. No business activity this year. Do I need to remove it from TurboTax or just ignore business filing?

This year there was no business for Mark. It has already been dissolved with the state. For no particular reason except that Mark decided to no longer maintain his hobby as a business.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
AnnetteB6
Employee Tax Expert

Mark no longer has a business. No business activity this year. Do I need to remove it from TurboTax or just ignore business filing?

Instead of just deleting the Schedule C for the 2024 return you can file it one last time.  Be sure to go into your Schedule C and indicate that you select I stopped [your business] in 2024 on the Tell us about how long you've worked in [your business] screen.  That will let the IRS know that you did not run the business during 2024.

 

Also, be sure that if you had any assets being depreciated for your business that you have gone through that section to indicate that they are no longer used for business.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question