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How to report a business loss on my personal tax return? I already have Form 1065 prepared.

 
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2 Replies

How to report a business loss on my personal tax return? I already have Form 1065 prepared.

Did you get a Schedule K-1 from the 1065 return?  You need to upgrade to Premium to enter a K-1.  

 

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Scroll down to S-corps, Partnerships, and Trusts or to Business items

Schedules K-1, Q - Click the Start or Update button

 

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

 

 

SharonD007
Expert Alumni

How to report a business loss on my personal tax return? I already have Form 1065 prepared.

Did you prepare your Form 1065 using TurboTax business?  You need to issue the Schedule K-1s to the partners first when you prepare Form 1065.  Refer to the TurboTax Help article How do I issue a K-1?

 

Next, when you prepare your person return (Form 1040), you enter the K-1 under the Wages and Income Section. Refer to the TurboTax Help articles Where do I enter a Schedule K-1 that I received? and Schedule (K-1) Instructions: How to File in 11 Steps.

 

@fabiocarrino 

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