NO, you would not put zeros on Schedule C, nor would you even file one.
Please see this answer from MichaelMc.
If you have closed the business and have no expectation of filing that particular Schedule C in the future, I would advise you to not file the schedule this year. You can actually delete the Schedule C and all related worksheets, using the procedure below, so that it will not trigger unnecessary questions as you prepare your taxes in future years.
If you expect to continue doing business in the future and simply had a year of inactivity, due to travel or illness, for example, I would advise you to file with zero income. This will retain the continuity of the business for future purposes.
Here's the general procedure for deleting unwanted forms, schedules, and worksheets in TurboTax Online:
- Open your return in TurboTax. (To do this, sign in to TurboTax, and click the orange Take me to my return button.)
- In the upper right corner, click My Account and select Tools.
- In the pop-up window, select Delete a Form.
- Click Delete next to the form/schedule/worksheet and follow the onscreen instructions.
- Repeat, as needed until all the unnecessary forms, schedules, and worksheets have been removed.
Tip: If trying to remove a schedule that has supporting lists or worksheets, remove those first, then remove the main schedule. Otherwise, the lists and worksheets can make the schedule re-appear
