Skip to main content
June 4, 2019
Solved

I have an LLC that wasTerminated in 2018. How do I indicate on my return that it was Dissolved or Terminated?

  • June 4, 2019
  • 1 reply
  • 0 views
No text available
    Best answer by JulieCo

    It depends on what type of LLC it was.  If it was a single member LLC and the business activity has been reported on Schedule C, go to the Schedule C section of your return (Search for schedule c and select the Jump to link in the search results) and select to "work on" that business and you should be asked if the business was sold or disposed of during 2018.  See the sample screenshot below from Schedule C business info in TurboTax Home & Business.

    If your LLC was a multi-member LLC, then a final 1065 form would need to be filed.  Again, in preparing the return, in the Business Info section, you can select that the business ended/disposed of in 2018. 


    1 reply

    JulieCoAnswer
    Employee
    June 4, 2019

    It depends on what type of LLC it was.  If it was a single member LLC and the business activity has been reported on Schedule C, go to the Schedule C section of your return (Search for schedule c and select the Jump to link in the search results) and select to "work on" that business and you should be asked if the business was sold or disposed of during 2018.  See the sample screenshot below from Schedule C business info in TurboTax Home & Business.

    If your LLC was a multi-member LLC, then a final 1065 form would need to be filed.  Again, in preparing the return, in the Business Info section, you can select that the business ended/disposed of in 2018. 


    June 4, 2019
    But the 1065 in TT doesnt have the option of declaring the LLC “Terminated” or “Dissolved”. To me that's very different.