Question

LLC with 0 income

Forum|Forum|2 years ago
February 21, 2024
1 reply
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Hi:

My wife and I formed an LLC this year. We didn't have any income or really any expenses we need to deduct. My wife didn't participate in the business. I am using turbo tax home and business. I have filled out the section listing 0 income and 0 expenses. Will I also need to fill out a form 1065?

TurboTax Home & Biz Windows

M

MinhT1

If you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin), your husband-wife LLC is a disregarded entity for tax purposes and you can file a Schedule C for your LLC on your personal joint tax return. As your LLC has no income and expenses, there's nothing to report.

If you live in another state, then you have to prepare a LLC return (form 1065). Form 1065 isn't required as your LLC had no income and expenses in 2023.

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