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TechieMusician75
New Member

TurboTax Business -- Disposing of a Multi-Member LLC, Form 1065

Edit: I found the answer online. Thank you for reviewing.

____

Hello,

I am using TurboTax Business to file the final return for my multi-member LLC which was disposed of in December 2017; however, I cannot find where to indicate that the business was disposed of -- either in the interview process or on the 1065 form itself in the "forms view". 

According to the IRS website, "The annual tax return for a  limited liability company or trust includes check boxes near the top front page just below the entity information. For the tax year in which your business ceases to exist, check the box that indicates this tax return is a final return."

Please advise with specific details how to accomplish this within TurboTax Business. I have seen similar questions on this site, but they seem to pertain to a different version of TurboTax. 

Also, for additional context, we did not sell the company or any of the assets; we are simply ceasing operations and as the few assets we had were fully deprecated and worthless, we simply recycled them.

Thanks for your assistance. 

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Accepted Solutions
TechieMusician75
New Member

TurboTax Business -- Disposing of a Multi-Member LLC, Form 1065

I found the answer. You need to go through the full "About Your Business" interview process even if you transferred all your business information from a previous year's return to see the option.


 

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1 Reply
TechieMusician75
New Member

TurboTax Business -- Disposing of a Multi-Member LLC, Form 1065

I found the answer. You need to go through the full "About Your Business" interview process even if you transferred all your business information from a previous year's return to see the option.


 

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