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I started an LLC in late September of 2018. I have no income or expenses for 2018 as I did not start earning money until Jan 2018. Am I required to file the 1065?

Hello Turbotax. I purchased turbotax home and business. I started an LLC in late September of 2018. I have NO INCOME OR EXPENSES for 2018 as I did not start earning money until this month (Jan 2019). My EIN paperwork advised that I should file a Form 1065 by March 15, 2019, but other information indicates I do not need to file this as there was not income or expenses declared for tax year 2018. Am I required to file the 1065?"
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DDollar
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I started an LLC in late September of 2018. I have no income or expenses for 2018 as I did not start earning money until Jan 2018. Am I required to file the 1065?

No, an LLC that is taxed as a partnership is subject to the same federal income tax return filing requirements as any other partnership. The LLC must file an informational partnership tax return on tax form 1065 unless it did not receive any income during the year AND did not have any expenses that it will claim as deductions or credits.

Thus, an LLC with no business activity that is taxed as a partnership is not required to file a partnership tax return unless there are expenses or credits that the LLC wants to claim.

You would be taxed as a partnership if there are multiple members of the LLC.  If this is the case you would file Form 1065.  You would need TurboTax Business to file Form 1065, not the Home & Business version of TurboTax Desktop.  If you are the only member (i.e. a Single Member LLC) then the IRS considers you a "Disregarded Entity" and you file as self-employed using Schedule C as part of your personal return.


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