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Get your taxes done using TurboTax
For LLC which is an S Corp, you need to file Form 1120S, even if you had 0 income and some expenses. When you file that form, it will also generate Schedule K1 for all the shareholder/s of the S Corp (if you are the only shareholder managing the business, you will get one schedule K1). When you file your personal tax return, you need to also enter schedule K1 from the S Corp in your personal return.
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‎September 25, 2024
11:42 AM