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After you file
Even though there is not going to be a tax difference you should file your Form 1065 for 2020. There is nothing to do for the 1120-S business if that return was filed correctly and K1s included on your tax return as they should.
As far as the LLC here is the IRS guidance and what is required. Complete the 1065 for 2020, then amend your own individual return for 2020 to stay in compliance simply because the LLC indicates incorporation.
- Election for Married Couples-Unincorporated Business (Key is unincorporated)
- Married Couples In Business (Discusses the Qualified Joint Venture)
- How Should A Married Couple LLC File? (Detailed but very thorough based on residency state)
You will need to use the TurboTax Business version for the Partnership Form 1065 and associated Schedule K-1s.
- For the Partnership, here is the link to the TurboTax Business software.
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‎February 8, 2022
7:53 AM