How do I file a k-1 from my partnership?

[ceantley]

I'm filing my partnership taxes for the first time, I used Turbo Tax Business to file my 1065 for the partnership, and now I have the k-1 that TurboTax produced. What do I do with that?

What form do I use to pay my personal taxes with the k-1 information?

Which version of TurboTax do I use to file it? I'm really hoping I can use a cheaper version, I've already spent around $300 just to file my business taxes because I also had to buy two state returns. My business isn't that profitable yet so it's hard to spend that much just to file a tiny amount of income.

Thanks anyone who can help!!

[HelenC12]

You can use TurboTax Online Premier or TurboTax CD\Download Deluxe and higher versions to enter your K-1 on your personal income tax return, Form 1040, U.S. Individual Income Tax Return. 

To enter your K-1 in TurboTax online:

1. Sign in and open your return by selecting Pick up where you left off under a section.
2. Search for K-1 and select the Jump to link at the top of the search results.
3. This will take you to the Schedules K-1 or Q screen.
4. Answer Yes and follow the prompts. You may be prompted to upgrade to Premier, if you're not already using it.
5. We’ll ask some questions about your K-1, and then you’ll enter the data from the form.

To enter your K-1 in TurboTax CD\Download:

1. In your TurboTax program, search for K-1 and select the Jump to link in the search results.
   • In Mac: Select the Federal Taxes tab, then Wages & Income. On the Income Summary screen, scroll down to Schedules K-1, Q and select Start.
2. This will take you to the Schedule K-1 and Schedule Q screen.
3. Answer Yes and follow the prompts.
4. We’ll ask some questions about your K-1, and then you’ll enter the data from the form.

[ceantley]

Awesome, thank you. Should I not have my business income under "self employed income" if I'm already taking the income into account under the K-1 section?

[VolvoGirl]

Right.  Only enter the K-1.