Can someone tell what additional forms are need for a small business partnership? Sch C, SE, K1?

[Vanessa A]

If you are a partnership, you would need to use TurboTax Business (not Home and Business) to file a form 1065.  This will generate a K1, which will then will be entered using TurboTax Premier or Home and Business on a Schedule E.  You will also have a Schedule SE for self-employment.

If you have a partnership, you will not have a Schedule C

[tylercmorgan21]

I am not quite sure that I follow you.  Will Have to use 2 different turbo tax products.  Also, I neglected to mention that my partner is my grandfather and at this point we do not have any formal partnership drawn up yet.  Also we had very little income from the business, so do we still need to file as though we are a formal partnership?

Tyler

[Vanessa A]

Yes, you would need to use 2 different TurboTax products if you have a partnership. 

The fact that he is your grandfather would not change anything with how you file.

Depending on what type of business you have and what you are doing, it may be simpler to have your grandfather be your employee or a subcontractor since you have no actual agreement and did not officially set up your partnership.  If you operated with your grandfather as a subcontractor, you would then only need to use TurboTax Home and Business download version or TurboTax Self-Employed online.  

However, if you are truly acting as a partnership (bought equipment together, rented a building, etc), even without a formal agreement, you would need to file as stated above using 2 different versions of TurboTax.  The Business version will generate the K-1's for each of you.  You both will then enter your K-1 on your own individual taxes. 

The amount of income you have does not make a difference on your filing requirements.  If you have to file a return at all, you would need to include all income from your self-employment.