My wife and I have entered our 2024 tax information using TurboTax Premier but we have one outstanding item. I created an LLC during 2024 and need to fill out Form 1065 and create a K-1. I am the only employee for the business so data entry should be straightforward. From what I read online I need TurboTax Business to fill out Form 1065 and create a K-1. Can I upgrade TurboTax Premier to include TurboTax Business? Or do I need to purchase TurboTax Business separately, create the K-1, and then enter that data into Premier? Or something else? Thanks.
Sorry you need to buy Turbo Tax Business separately (not to be confused with Home & Business). Then you will get a K-1 to enter into your personal return.
You will need Turbo Tax Business for Windows. It is not available to do online or on a Mac. And it will not do your personal 1040 return. You can have both Turbo Tax Business and a personal version (like Home & Business) installed at the same time.
You can buy the Window's Business program here…..
TurboTax® Business Desktop 2023-2024 | Tax Software Download
Oh, are you sure you need to file a 1065 and not a 1120-S for a Single Member LLC? A 1065 is for a Partnership return or multi member LLC.
Thanks for the detailed reply. Sounds like I need to purchase TurboTax Business and I need to file an 1120-S for a Single Member LLC and not a 1065. Thanks for your help.
Is your Single Member LLC an S corp? If you didn't elect it to be an S corp it is a disregarded entity and you file it on Schedule C in your personal return. You don't get a K-1 for that. You can use Desktop Premier to fill out schedule C. Better figure out what kind of business you actually have.