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Level 2

Question

I have a registered business LLC. and have made zero income on the company. How do I file my taxes when I have no income at all

Forum|Forum|4 years ago
February 21, 2022
1 reply
1 view

I am in State of TX the company is registered as an LLC. I have this as a side business and unable to generate any revenue based of COVID issues. I have a regular job on W2 that have shown on taxes towards income. Please let me know how I should report for my LLC. with no income

TurboTax Self Employed Online

Level 10

You have indicated you had no income for your LLC for 2021. Did you have any expenses for the LLC for 2021? Is this a single-member LLC or multi-member LLC. If you have a single-member LLC you would file as a disregarded entity on a Schedule C. If it is a multi-member LLC, then it would be a Form 1065 Partnership return.

If you had no income or expenses for 2021, then you do not have to file a return for the LLC. If you have expenses to deduct and no income, then you would file the Schedule C or Form 1065 depending on the type of LLC you have reporting the expenses incurred by the LLC during 2021.

Level 2

This is a single member LLC. Is there an option to select disregarded entity while doing schedule c? Appreciate the clarity. Thanks

Level 15

To report your single member LLC in TurboTax Online Self-employed,

Go to Federal / Income & Expenses / Your Info / Self-employment income and expenses.
Click Edit to your right of the self-employment activity.

Under your self-employment activity General Info, report the Business name, Business address and Employer ID Number (EIN).

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