Partnership filing (loss) + W2

[ffb041788626]

This is my very first time filing taxes in the US. Basically, what kind of forms should I prepare for loss business together with my W2 form?

Background:I moved to the US early last year. And, I met 3 people from my local community, and decided to work on a food stall business with the 4 of us together in Feb 2024.First, we registered a multi-member LLC and obtained an EIN, and started preparing for the first stall opening for the next two months.We started operating the stall in April. During the first week, one of the members decided to leave and withdrew all his money.The rest of us continued running the business, but we didn't do well because of our inexperience.Daily sales didn't even cover the operating costs. And, at mid May, we decided to stop the business with a loss. I filed to deactivate the LLC, but the EIN is still there(I don't know how to cancel/decativate EIN). And, I started working my first W2 job in July, and continue to do so until now.

All the answers are appreciated. Thanks in advance.

[KeshaH]

Based on the information provided, you will need to file a Form 1065 and either a Form 1040 or 1040-NR.

You will need to file a partnership return, Form 1065, for the time that you and your business partners operated the food stall. Each partner will receive a Schedule K-1 with their share of the loss. ‌Form 1065 and Schedules K-1 are due on March 17, 2025.

If you're a United States resident for tax purposes, you'll report your W-2 income and the loss from your partnership on Form 1040. The loss from the partnership will be reported on a Schedule E that is attached to the 1040. Generally, you're a US resident for tax purposes if you are a permanent resident of the United States or you've met the substantial presence test.

If you're a nonresident for US tax purposes, you'll report your W-2 income and your partnership loss on Form 1040-NR. Schedule E for reporting the partnership loss can also be attached to the 1040-NR.

Form 1040 and 1040-NR are both due on April 15, 2025.

Deactivating Your EIN

The EIN is permanent and can't be canceled. However, the IRS can deactivate it. To deactivate your EIN, you can send a letter to the IRS with the business's legal name, EIN, address, and reason for deactivating to:

Internal Revenue Service
MS 6055
Kansas City, MO 64108

or

Internal Revenue Service
MS 6273
Ogden, UT 84201

For more information, please see 

- Determining your tax status

- Deactivate your EIN

[ffb041788626]

Thank you for the extensive answer.It really helps.