Do I need to file a K1 if I made less than $1,000 through my business ownership? If so, how do I file on Turbotax?

[Anonymous_ · Accepted solution]

"Do I need to file a K1 if I made less than $1,000 through my business ownership?"

Yes, you need to file a separate income tax return (which will generate a K-1) for your business entity (unless it is a disregarded entity, qualified joint venture, qualified entity, or sole proprietorship) even though it made less than $1,000.

 See https://www.irs.gov/businesses/small-businesses-self-employed/election-for-husband-and-wife-unincorp...

"If so, how do I file on Turbotax?"

In order to prepare an income tax return for an entity (e.g., partnership, S corporation) with the associated K-1(s), you will need a copy of TurboTax Business.  See https://turbotax.intuit.com/small-business-taxes/

Note: TurboTax Business must be installed and run in a Windows environment; it is not available as an online product nor will it run natively on a Mac. Further, you still need a TurboTax personal income tax preparation product since TurboTax Business is not capable of preparing individual income tax returns (it can only prepare returns for entities).