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If the business is an LLC, you will report the residuals as income on form 1065. If you have no expenses to deduct, then leave the expenses lines blank.
I am a sole proprietor and closed my business in 2021 and received residual income with no expenses. How do I file my income tax?
Thanks!
You will file your business income on Schedule C as normal and file it with your personal tax returns. Since you closed your business in 2021, be sure to mark the "I stopped this business in 2021" box when going through the step-by-step process. In TurboTax Online Self-Employed you can follow these steps to enter your business income:
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