Deleting a closed Business and all related forms

[LAT1114]

I have a QBI deduction for a business that is closed. How do I get rid of all these business forms so they no longer appear now and in future? I am using TurboTax Deluxe

[DianeW777]

It depends. If you have no business activity in 2024, and the business is no longer operational, with no intention to operate in the future you can use the following information to delete your business forms. Keep all records for your business assets because when they are sold or disposed of there will be a taxable event in those situations.

You'll need to delete these forms after you have a copy of everything. 

• Schedule C
• Form 4562
• Form 8995
• Any other form you believe is associated with your business.
  • If you're using TurboTax Online software and need to delete a form, click here.
  • If you're using TurboTax Desktop software and need to delete a form, click here.