Solved: What form(s) do I need to complete for an LLC in a state I do not reside in that has no income or expenses, and where are they in Turbotax?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

What form(s) do I need to complete for an LLC in a state I do not reside in that has no income or expenses, and where are they in Turbotax?

I have lived in Missouri for the last 2 years, but still have an LLC that I created in Arizona that doesn't have any income or expenses. What form(s) do I need to complete, where are they in Turbotax, and what version of Turbotax should I use? I am currently using "Self Employted".

1 Best answer

Accepted Solutions
New Member

What form(s) do I need to complete for an LLC in a state I do not reside in that has no income or expenses, and where are they in Turbotax?

Your LLC is a disregarded entity for taxes; which means there's no tax form for you to file for your LLC. Instead, if you're one member (owner) LLC, then you default to be taxed as self-employed. If you have two plus owners, then you default to be taxed as a partnership. The LLC is for legal purposes to separate losses (lawsuits) from personal assets.

If you're self-employed, you simply report all business income and expenses on a schedule C. If you don't have any, you don't file the form. Otherwise, activity flows through to you; so if there's a rental property, it's simply reported as personal rental income.

View solution in original post

1 Reply
New Member

What form(s) do I need to complete for an LLC in a state I do not reside in that has no income or expenses, and where are they in Turbotax?

Your LLC is a disregarded entity for taxes; which means there's no tax form for you to file for your LLC. Instead, if you're one member (owner) LLC, then you default to be taxed as self-employed. If you have two plus owners, then you default to be taxed as a partnership. The LLC is for legal purposes to separate losses (lawsuits) from personal assets.

If you're self-employed, you simply report all business income and expenses on a schedule C. If you don't have any, you don't file the form. Otherwise, activity flows through to you; so if there's a rental property, it's simply reported as personal rental income.

View solution in original post

Dynamic Ads
v
Privacy Settings