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zapetty
New Member

I have an LLC partnership with my wife. I need to do a 1065. Where do I do this? We have only a loss to post.

 
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2 Replies
HelenaC
New Member

I have an LLC partnership with my wife. I need to do a 1065. Where do I do this? We have only a loss to post.

Form 1065 U.S. Return of Partnership Income is supported by  TurboTax Business. For additional information and to purchase  TurboTax Business ,click on Which TurboTax do I need to file as an LLC?

Since the LLC was registered as a Partnership with the IRS, you would need to file a business tax return, Form 1065, Return of Partnership Income first. 

TurboTax Business supports From 1065. When you enter your business information into TurboTax Business, you will generate K-1's Partner’s Share of Income, Deductions, Credits, etc.

The K-1's would pass through the income and expenses of the LLC and be reported on your personal income tax return, IRS Form 1040.

Additional information:

What's a K-1? Schedule K-1's are issued by pass-through entities.

A pass-through entity doesn't pay income tax; rather, the entity's profits and losses are "passed through" to the entity's partners, owners, shareholders, or beneficiaries on Schedule K-1, who in turn must report the Schedule K-1 on their own personal tax returns.

Partnerships, S corporations, estates, trusts, and LLCs are all pass-through entities.

Related Information:

Carl
Level 15

I have an LLC partnership with my wife. I need to do a 1065. Where do I do this? We have only a loss to post.

In order to complete and file a 1065 partnership return you need TurboTax Business (different from Home & Business). TurboTax Business is for windows only. It is not available as an online product or for MACs. You can purchase and download the TurboTax Business installation program at https://turbotax.intuit.com/small-business-taxes/

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