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Maccarter26
Returning Member

Can Turbo Tax Home and Business handle multiple K-1s with each partner having different percent ownership in each K-1?

 
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3 Replies

Can Turbo Tax Home and Business handle multiple K-1s with each partner having different percent ownership in each K-1?

Do you need to prepare the business return and K-1?  Or are you entering K-1 that you received into your personal return?

 

Home & Business will not prepare a separate business return.   Home & Business Desktop program or the Online Self Employed version is for personal returns that include a schedule C for self employment or sole proprietor. A single owner LLC would be reported on Schedule C unless the LLC elected to be treated as an S corp or C corp.

 

You might need Turbo Tax Business.  

Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's version here.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.

https://turbotax.intuit.com/small-business-taxes

Maccarter26
Returning Member

Can Turbo Tax Home and Business handle multiple K-1s with each partner having different percent ownership in each K-1?

I am preparing both the Business return and generating K-1 for each member of the partnership.  I am using Turbo Tax Busness.  Each K-1 I receive has different ownership percentage.

Can Turbo Tax Home and Business handle multiple K-1s with each partner having different percent ownership in each K-1?


@Maccarter26 wrote:

I am preparing both the Business return and generating K-1 for each member of the partnership.  I am using Turbo Tax Busness.  Each K-1 I receive has different ownership percentage.


TurboTax Business can certainly handle the scenario you described, provided you are using TurboTax Business and not Home & Business, which are two entirely separate products (see the link in the post above your most recent post).

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