Skip to main content
April 18, 2023
Question

Started an LLC in 2022, made $0 from it. But need to file taxes and there is no way to enter income as 0. My expenses were 160 to set up llc in florida and 40 for PO Box

  • April 18, 2023
  • 1 reply
  • 0 views
What should I put down on the "enter any additional income for your work" page if I don't have any form of 1099 or anything?

1 reply

AliciaP1
April 18, 2023

If you were not open for business in 2022, you cannot yet take the deduction for the expenses.  You will track your startup costs and deduct and possibly start amortizing the intangible asset.

 

If you were ready and able to serve customers in 2022 but did not get paid any income in 2022, you can just enter the expenses and do not need to enter any income.

 

Per the IRS:

Business start-up and organizational costs are capital expenditures. However, you can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred after October 22, 2004. The $5,000 deduction is reduced by the amount your total start-up or organizational costs exceed $50,000. Any remaining costs must be amortized.  Start-up costs include any amounts paid or incurred in connection with creating an active trade or business or investigating the creation or acquisition of an active trade or business. Organizational costs include the costs of creating a corporation or partnership.

 

To create a Schedule C without income you can follow these steps in TurboTax Online:

  1. Using the magnifying glass at the top of the page search for Schedule C
  2. Click Edit for your line of work or Add if you haven't entered your self-employed income yet
    • Answer the questions about your work if you are adding it now
  3. On the Let's enter the income for your XXX work screen click Skip for now
  4. Enter your expenses and continue entering/reviewing your return
**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"