Hello all,
I successfully converted our 2 partners LLC to become a single member LLC last year.
Also received a letter from IRS that confirms Form 1065 is no longer required to file.
My question is on Turbo Tax filing, what do I do?
Should I first create this LLC as 'new' business and then Delete the K-1 as pictured below?
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Yes, you will want to create a Schedule C for the LLC disregarded entity. If you reported the final K-1, you can delete the K-1s in the individual income tax. You cannot use the EIN for the partnership, but if you do not have employees you may not need a new EIN.
Thanks. i have no employees and the K-1 was filed in 2020 because it was a partnership LLC then and probably why it's carried over this year; so I should just delete it right?
I.e. in the picture below, I just do 'Update' and then following screen Delete?
Yes. You may still need to delete the Sch K-1 form as well. To check this in TurboTax Home & Business you can follow these steps:
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