My wife and I started an llc in 2019 and we are the only members.
What state are you in? How you file matters, if you are in a community property state. I ask, because my screen shows you're using TurboTax Self-Employed which includes the SCH C. A SCH C is filed with your personal 1040 tax return *ONLY* for a single member LLC with one owner. Since a multi-member LLC must have at least two owners, that would mean you would need to file a 1065 partnership return for the business, and that form is not included in any "PERSONAL" version of TurboTax. You'd need the business version.
But there's an exception if you do "in fact" live in a community property state. IN that case you and your wife can split all the business income and expenses 50/50 and each of you file a SCH C with your joint tax return, with each SCH C showing each owner's half of the profit/loss. Now to your question.
Was your business officially "open for business" in 2019? This matters, because if it was not, then depending on a few other factors you may not need to report your business income/expenses at all on your 2019 return. Those expenses incurred before a business is officially "open for business" are called start-up expenses. You don't claim start-up expenses until the first year the business is actually "open for business". It doesn't matter either, if those start-up expenses were paid in a prior tax year either.
We have business expenses with no profit so far, what version of turbo tax do we need to use?
