I just closed a multi-member LLC and have been filing with TurboTax the last few years. Now I need to do the final return.
I know I need to enter that the business was closed and assets disposed of, and am confident this can be done in TurboTax. However, will I be able to generate any special documents members need (beyond the obvious final K-1s)?
Also, would I be able to do this now? Or do I need to wait for TY 2019 versions to be available?
If by "this year" you mean 2019, then you have nothing to report until next year. THat's when you'll file the "final" 1065 partnership return and issue all K-1's with the "final" box checked on each K-1 the partnership issues. There's nothing "extra" about it on your taxes - federal or state. However, you may have to file articles of dissolution with your state. That has absolutely nothing to do with taxes through.
Go to a tax professional. Partnerships can be complicated, and closing a Partnership can potentially have many complications. Go to a tax professional.
actually the return is due 2.5 months after the month it terminated.
subsection (A) of IRC § 708(b)(1) still exists. Consequently, the termination of an entity taxed as a partnership will still occur when the business, financial operation or venture of the entity ceases to be carried on by any of the partners.