Husband-Wife LLC converted to Single Member LLC, how to file this year's Tax?

[wongkcus]

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?

[MaryK4]

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.  

[wongkcus]

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?

[AliciaP1]

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:

1. Within your tax return use the Forms icon at the upper right of the screen to switch to Forms mode
2. Scroll down the list on the left side of the screen and see if you still have Sch K-1 Form 1065 (XXX) - if it's not there you are good to go
3. If it is on the list click on it on the list
4. At the bottom of the preview screen you will use the Delete Form button to delete the form