In 2017 I started a Partnership LLC. Do I need a different version of TurboTax to file correctly? Currently on self-employed. How do I switch if need be?

[Rick19744]

Is this a multi-member LLC?  If so, who are the other members?  Spouse?  What state?

[Carl]

Basically, if you are in a community property state OR if you are not married to the partner and filing a joint tax return, then you need to report all business income and expenses on a 1065 partnership return. For that, you have to use TurboTax Business. (different from Home & Business. TurboTax Business is only available for Windows. It's not available as an online product, or for MACs. Get it at <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/small-business-taxes/">https://turbotax.intuit.com/small-business-taxes/...>
You can probably get it much cheaper if you purchase it over the counter in person at a local authorized retailer.

[funk-kyle]

Thank you Carl. It is a partnership and we are un-married, so I think we will need to get TurboTax Business. It seems like TurboTax could have discerned this and recommended it through the questions I answered already, but it was not clear at all through the web service.

[Carl]

"How do I switch if need be? "
You report the SCH C business as closed in 2017 on your personal tax return.

[Carl]

I posted the above same time you posted apparently. Is this a case where you already own a SCH C business, and in 2017 you took on a partner who now owns a percentage of the business? (50/50 I presume)

[funk-kyle]

The LLC was formed in 2017 as a 50/50 partnership.

[Carl]

Wait a miniute now. Lets back up. In your post you say "currently on self-employed". I can take that two ways. Did you own a sole proprietor business of which you were the only owner of, in 2017?

[funk-kyle]

No, sorry, I see the confusion now. My TurboTax account is on the self-employed version currently because I did some freelance work in 2016. I did not own a business prior to the formation of the LLC in question in 2017.

[Carl]

AH okay. I'm with you now.
Basically, you need TurboTax Business to complete and file a 1065 partnership return.You need to complete the partnership return first, before you can even start your personal return. That's because the partnership will issue each owner a K-1, which each owner will need for their individual personal 1040 tax returns.
Does that answer all your questions thus far?

[IreneS]

To follow up on Super User Carl's advice, you can visit the following link to purchase TurboTax Business for 2017: TurboTax Business