Question

I started a LLC in 2018. I then accepted a full-time position in 2019 and did not have any income for the LLC in 2019. Do I select 'stopped working in 2019' for the LLC?

Forum|Forum|6 years ago
April 5, 2020
1 reply
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TurboTax Live Self Employed

If you do not expect to continue the LLC in the future, then selecting 'stopped working in 2019' would be appropriate. If you expect that you will continue the LLC business in the future, you can simply include a zero income/zero expenses Schedule C as part of your return to show that it is still in existence.

Be sure to go through and dispose of any assets being depreciated for the business if you choose to make 2019 the final year for the LLC.

@alecxih1

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