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rguzman371
Level 2
September 27, 2023
Solved

LLC Ended Mid Year

  • September 27, 2023
  • 4 replies
  • 58 views

Hello,

I ended an LLC midyear and soon after (during the same year) started a sole proprietor business. I had a different EIN for the LLC than I have for my sole proprietorship. I still maintain the sole proprietorship.

 

Do I have to file 2 tax returns? If not how will the software walk me through the process?

Thank you,

Best answer by MercieD1

You will file one return with 2 schedule C's.  There is a spot on the schedule C where the EIN will appear.

4 replies

MercieD1
Level 4
MercieD1Level 4
Level 4
September 27, 2023

You will have to file both returns as they have 2 different EIN's.  The question regarding the LLC is if it was originally treated as a Partnership filing a 1065 or if it was a Sole Proprietorship LLC.  If it was a Sole Proprietorship LLC, then you would have to prepare 2 schedule C's.   If it was a partnership, you would file a final 1065.  You would have to allocate the two by the dates before and after the change-over.  The software will not do the allocation, you will have to do it either using a bookkeeping software or spreadsheet.

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    rguzman371Author
    Level 2
    September 27, 2023

    Thank you Mercie,  much appreciated. The LLC was formed and operated as a sole proprietorship.

    If I am understanding correctly I have to file two separate returns and each return will require a Schedule C. (?)

    I have one user ID. How do I use the software to file two separate returns for the same year?

    Thank you,

    MercieD1
    Level 4
    MercieD1Level 4Answer
    Level 4
    September 27, 2023

    You will file one return with 2 schedule C's.  There is a spot on the schedule C where the EIN will appear.

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer".
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