Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
J
JimSteele64
February 3, 2021
Question

Newly Formed LLC For A Limited Time

  • February 3, 2021
  • 1 reply
  • 0 views

I formed an LLC on 7/12/20, and dissolved it on 11/2/20. I had limited income. Do I file taxes as normal? Can I deduct startup expenses?

    1 reply

    A
    Anonymous_
    Employee
    February 3, 2021

    You can deduct the expenses on Schedule C if you had a single-member LLC without an election to be treated as a corporation for federal income tax purposes.

     

    If you had a multi-member LLC, then in most circumstances you would have to file a Form 1065.

      TurboTax Sign In Widget
      TurboTax flag icon

      Unlock tailored help options in your account

      Create an account
      TurboTax Expert Assist
      TurboTax Expert

      Get answers to all your tax questions

      Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

      Terms & ConditionsAccessibility statement
      Intuit
      TurboTax Credit Karma QuickBooks MailChimp

      ©1997-2022 Intuit, Inc. All rights reserved.
      Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
      of Intuit Inc. Terms and conditions, features, support, pricing, and service options
      subject to change without notice.

      Security Certification of the TurboTax Online application has been performed by
      C-Level Security.

      By accessing and using this page you agree to the Terms of Use.

      Accessibility

      TRUSTe nResult Certified e-File C-Level Security Certification