I am filling out a Form 1065 for a business that I closed in 2021 but received residual income. I have another one that remains open that I receive residual income from, but I don't have any business expense. How should I file that one?

[MinhT1]

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.

[Torvic2022]

 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!

[AliciaP1]

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:

1. Open or continue your return in TurboTax
2. Search for Schedule C and select the Jump to link at the top of the search results
3. Answer Yes on the Did you have any self-employment income or expenses? screen
• If you land on the Your 2021 self-employed work summary page, select Review next to the work you're adding income for
4. Answer the questions on the following screens until you arrive at Let's enter the income for your work
5. Select Other self-employed income and Continue
6. On the next page you can enter any cash, personal checks, credit card payments, or cryptocurrency (Form 1099-K) related to your self-employment.