My wife and I file jointly. We also both jointly formed an LLC last year, that only lost money. I see TurboTax handles multi-member LLC filings, but how do I initiate?

[mbrown1441]

We have closed down the business. Wondering two things: 1) if we never made money (including no payments to ourselves personally) do we even need to file a return?

[ColeenD3]

There are several things to consider. The first is whether or not you live in a community property state. If you do, you can be considered a Qualified Joint Venture.

 As such, you would file a Schedule C. With no income, you would not be required to file.

If you do not live in a community property state, you would be a partnership.

 A domestic partnership must file an information return, unless it neither receives gross income nor pays or incurs any amount treated as a deduction or credit for federal tax purposes

[Mike9241]

if you were operating a business in a community property state, and you want to take advantage of the loss, each of you must file a schedule C allocating expenses based on your ownership %'s, 

if you have an NOL  you have the option to either carryover the NOL to future years or if you don't the NOL must be carried back to 2016 and any unused amount carried forward to 2017 and so forth..    if you choose the later option, you would probably need to use a pro because Turbotax is no longer available for years prior to 2018.

if you file a partnership return, the loss gets carried into your return and the same rules apply if you have an NOL.