I purchased Home and Business turbotax for my sole proprietorship, I have a non operating LLC with zero income or expenses, I was told I need to upgrade my software despite the fact my LLC is not currently operating. Can you help me upgrade?

[DoninGA]

Upgrade to what?  The TurboTax Home & Business edition is the highest of the desktop editions.

Did you incorporate your LLC to an S Corp?  If not and it is a single member LLC then it is a disregarded entity and you enter your income and expenses on Schedule C which is part of your personal tax return Form 1040.

[Bryan LaBord]

It is a single member LLC, we have not conducted any business, no income, no expenses. Are you saying I do not have to file any documents for this entity?

[DoninGA]

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@Bryan LaBord wrote:

It is a single member LLC, we have not conducted any business, no income, no expenses. Are you saying I do not have to file any documents for this entity?

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If you have no income or expenses for this business then you do not have to complete a Schedule C.

[Bryan LaBord]

We have no income or expenses and you stated that we do not have to file a Schedule C, do we have to file  ANYTHING for this business? 

[DoninGA]

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@Bryan LaBord wrote:

We have no income or expenses and you stated that we do not have to file a Schedule C, do we have to file  ANYTHING for this business? 

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No, you do not have to file anything on a federal tax return for this business if it is a single member unincorporated LLC with no income or expenses.

[Bryan LaBord]

Thank You!

[cc2735]

What if we started an LLC  as a married couple,  therefore two names but no business transaction yet?

[AliciaP1]

A spousal LLC will file a Form 1065 Partnership return, but If you have no income in 2021 you do not need to file a return for 2021 for the business.  If you are incurring Start-Up costs please see Publication 535 for information on how to treat the costs as you get started.

@cc2735