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redrooster
New Member

form 1065

My family has me as a .05% partner on 6 separate LLC's, do I need to get business turbo tax or is there a way to enter it under personal.

3 Replies
tagteam
Level 15

form 1065

Who is the partner responsible for preparing the income tax return (Form 1065) for the LLC (or ensuring that the return is prepared)?

 

You should receive a K-1 (or multiple K-1s) for your share of the profits/losses.

Carl
Level 15

form 1065

Only the person responsible for completing the 1065-Partnership Return needs to buy Turbotax Business. If that's not you, then don't spend the money. The partnership will issue you a K-1 and you will enter that K-1 in your personal 1040 tax return.

 

tagteam
Level 15

form 1065

The other issue raised by the original post is that the 1065 is well past due (unless an extension was filed, which appears to be unlikely) at this point and penalties may be involved. 

 

See https://www.irs.gov/instructions/i1065#idm140672580619312

 

Consequently, I would strongly urge you, @redrooster, to seek professional tax guidance for this matter.

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