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hydrangea123
New Member

I opened a business licence in 2016 but did no actual work do to illness in the family. How do I handle it on y federal tax

I had no employment at all yet I did receive some funds from my IRA
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tygrtchr
Level 7

I opened a business licence in 2016 but did no actual work do to illness in the family. How do I handle it on y federal tax

Even if you received your business license in 2016, you do not have to report anything until you actually start working at the business.  Only the funds from the IRA would be listed as your income.

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tygrtchr
Level 7

I opened a business licence in 2016 but did no actual work do to illness in the family. How do I handle it on y federal tax

Even if you received your business license in 2016, you do not have to report anything until you actually start working at the business.  Only the funds from the IRA would be listed as your income.

View solution in original post

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