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adambwhitten
New Member

I have an LLC, but made no money this year.

Hi all!

 

I own an LLC business, that is just me and it was for freelancing. I didn't do any business since I've had it in the last 2 years. Do I qualify as a "pass through entity"? Also, am I perfectly okay to continue to file using Turbo Tax basic? Sometimes I get letters in the mail from the IRS reminding me to file for the LLC, but if I haven't made any money from it...

 

Thanks in advance!

1 Best answer

Accepted Solutions
MinhT1
Employee Tax Expert

I have an LLC, but made no money this year.

Your single member LLC is a disregarded entity and you can report its income and expenses on Schedule C of your personal tax return.

 

If the LLC has no income and expenses, you do not file to fill its Schedule C.

 

When you have business income in the LLC which is for freelancing, you will be eligible for the pass-through deduction.

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4 Replies
MinhT1
Employee Tax Expert

I have an LLC, but made no money this year.

Your single member LLC is a disregarded entity and you can report its income and expenses on Schedule C of your personal tax return.

 

If the LLC has no income and expenses, you do not file to fill its Schedule C.

 

When you have business income in the LLC which is for freelancing, you will be eligible for the pass-through deduction.

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adambwhitten
New Member

I have an LLC, but made no money this year.

So is Schedule C on the turbo tax basic?

KarenM90
Level 11

I have an LLC, but made no money this year.

No.  Turbo Tax Basic does not include Schedule C.  Here is a link that lists the Forms and Schedules with each Version of TurboTax (scroll down to the bottom of screen to see the Forms list)  

 

Forms list by TurboTax Version.

 

As MinhT1 mentioned above, however, if you have a Single Member LLC with no income and expenses for 2019, you do not need to file a Schedule C for 2019.  However, please note that there may be some State filing requirements in your state, in order to keep your LLC active.  

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Critter
Level 15

I have an LLC, but made no money this year.

You posted :  "Sometimes I get letters in the mail from the IRS reminding me to file for the LLC"

 

This statement concerns me since the IRS doesn't send out reminders for single member LLCs to file their returns ... so did you incorporate ?   Did you ask to be treated as an S-Corp for tax purposes ?  Did you file an 1120-S in the past ?

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