Yes, unless you mark the box that said you closed the business.
Don't delete your business if it closed sometime in 2020. Instead, report the business and make sure you select I stopped [your business] in 2020 on the Tell us about how long you've worked in [your business] screen.
Otherwise, follow these instructions to delete a business that transferred over from your 2019 return but is no longer owned by you as of January 1, 2020.
Instructions
- With your return open, search for business (schedule c). Be sure to include the parentheses.
- Select the Jump to link in the search results.
- On the Your 2020 self-employed work summary screen, select the trash can icon next to the defunct business.
- Answer Yes, delete this info to confirm the removal of all business-related forms.
