Question

Am I required to file a tax return as a foreign partner in an LLC, when I receive a Schedule K-1 that has only losses and I have no other US income?

Forum|Forum|5 years ago
March 14, 2021
1 reply
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I used to live and work in the US until 2019 (under a work visa), but now moved back to Germany. I filed taxes in previous years, but now my only ties to the US is the LLC and the Schedule K1. The company has only reported losses so far. TurboTax produces a $0 federal refund if I add all information. Do I need to file?

TurboTax Premier Online

P

pk12_2

Employee

@skossatz , if you are talking about 2020 return --- you probably still should file so as to record the loss ( this of course means you have to file by mail ) --- you are filing 1040-NR right ? Note that this is not supported by TurboTax. Note also that Net Operating Losses may be carried back -- and thus may need amended returns for earlier years. Suggest you seek professional help on this

Also note that business losses for 2020 ( reported on K-1 ) may be useful for your German tax filing ( as far as I am aware Germany is on a world income scheme ).