Hello everyone, I forgot to add my llc to my tax return and I'm freaking out because I have no idea how to fix it. I didn't make any money for my business last year so I assumed I didn't have to. Well that was incorrect and I'm hoping someone can walk me through what has to be done now. Please.
Single member. I've done some digging and it turns out the state of MD requires you to file even if you made no money. It's a 300 dollar fee. Ouch
Okay, no problem! You'll need to file an amended return, Form 1040X and Maryland Form 502X to report your LLC info on a Schedule C. If a single-member LLC does not elect to be treated as a corporation, the LLC is a "disregarded entity," and the LLC's activities should be reflected on its owner's federal tax return.
Please follow the instructions in our article: I need to amend my state return - TurboTax® Support.