I used about 40K of my untaxed pension to invest in an LLC, which I am a sole proprietor. I invested over 110K total into the business. The business never got open and I made no income from the business . . . over 110k in losses. I have about 50k earnings from another job which I have not paid tax on yet. Should I file my tax return for the business as an S Corp or Sole Proprietor LLC?
Unfortunately I am not able to give you tax advice. To my knowledge, in order to file S Corp status, you would have had to request treatment as an S Corp by filing IRS Form 2553. If you did receive S Corp status approval then you should file that way; if not you should file as a Sole proprietor. I recommend that you talk to a tax professional who can assess your situation and give you some guidance on how to proceed.
All the Best-
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