Question

Do I have to declare that I've closed my business?

Forum|Forum|6 years ago
April 22, 2020
1 reply
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I've tried getting an answer, but not getting as clear of an answer that I am looking for.

I have a business that had zero income in 2019, and I closed that business.

I have my PA state return completed. In the "Business Summary", I checked the box for "This business no longer exists", but the box will not remain checked. If I save my information in "Business Summary", and then go back, that box is no longer checked. I've done it many times... it "unchecks" as soon as I save and move forward.

I posted this question last week and got the reply that I should simply delete it from my federal return and forget about it. But if I do that, I won't have declared that it no longer exists. I don't want to have to address this in the future.

How do I get the "This business no longer exists" checkmark to stay in place when I save it???

See: https://ttlc.intuit.com/community/business-taxes/discussion/re-i-can-t-this-business-no-longer-exists/01/1504905#M49931

TurboTax Deluxe Online

fanfare

Employee

there's no place on federal return to show that your business is closed.

As for state of PA, I can't comment on that.

J

Jeremiah11Author

So if I had no income from that business, it isn't necessary to report it on Federal? If that is the case, and I can delete it from federal return without getting myself into trouble, perhaps I will be able to checkmark that box??