Business

[Greater]

Hello. I have 2021 Turbo Tax Home and Business software downloaded on my computer so that I can file for business and personal. I entered the business information, and now need to enter my personal information. It is asking me for information in boxes on the K-1, but I dont have the K-1 yet since I am doing the business and personal together. How can i find the K-1 boxes even though I havent filed business taxes yet? Thank you. 

[PatriciaV]

Please clarify what type of business return you are filing. TurboTax Home & Business is used for self-employed businesses (Schedule C) or rental activity (Schedule E), which are part of an individual (1040) tax return.

If you are filing for an S-Corp/LLC or Partnership, you will need TurboTax Business, a separate program to download and install on your computer.

[VolvoGirl]

Home & Business is for personal returns that need Schedule C for self employment business or a Single Member LLC  or sole proprietor etc.   You include it in your personal 1040 return.  You will not get a K-1 form.   Skip the K-1 part.   Did you get a K-1 the year before?   

Or do you need to file a separate Business return like a 1065 LLC or Partnership or 1120  or 1120 S corp?  

[Greater]

Thank you so much for your response. It is a trucking company with sole member LLC. No K-1 the year before. Can I use the Home and Business?

[Carl]

It is a trucking company with sole member LLC.

Since you are the one and sole owner of the business, a physically separate tax return is not completed for the business. Therefore, no K-1 will be generated. You will *not* be asked for, and you will *not* enter any K-1 information for this particular business anywhere on your tax return.

All of your business income/expenses gets entered on SCH C as a physical part of your personal 1040 tax return.

If you use the program the way it's designed and intended to be used, the first item you're taken to under the Business tab, is Business Income & Expenses (SCH C), and that's where you will start with entering anything and everything related to your single member LLC trucking business.

[Anonymous_]

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@Greater wrote:

Thank you so much for your response. It is a trucking company with sole member LLC. No K-1 the year before. Can I use the Home and Business?

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Yes, you can use Home & Business.