I am the managing member of a 4 member LLC and need to file form 1065 and send K-1s to the other members. Can I do just this on Turbo Tax?

[VolvoGirl]

To do a 1065 return you need to use Turbo Tax Business that you install on your computer.  

Turbo Tax Business is a separate program from Home & Business.  It is not available to do online or on a Mac.

You can buy the Window's version here…..

https://turbotax.intuit.com/small-business-taxes

[Critter-3]

FYI ... if this is for a 2021 form 1065 then be aware that the return is now LATE even if it was on extension.  The failure to file penalties have been accruing since March  so if this is your first time filing  then when they send the bill you can beg for a waiver and they usually will do it for the first transgression.  The 1065 was due 3/15 and if you put it on extension you have until 9/15.  

What is the penalty for filing a Form 1065 late? The penalty is $210 for each month or part of a month (for a maximum of 12 months) the failure continues, multiplied by the total number of persons who were partners in the partnership during any part of the partnership's tax year for which the return is due ... so if you file by the end of Sept the penalty is currently 210 x 4 x 6 = $5040 !!!

[mcborowski]

Dear GOD

[mcborowski]

I left out some salient details.  The four member LLC invested in a limited partnership.  That partnership delivered its K-1 to me on April 4, 2022.  So I have that K-1.  What I need to do is submit a K-1 to the other members of the LLC.  Since they are my in-laws (who file a joint return) and my wife and me, who also file a joint return, I would hope that the above mentioned late fees do not apply or at least not to that degree.  My accountant handled the K-1 in the prior years but I chose to not have him do it because the cost exceeded our distributions from the LLC up to that point.  It would seem that I chose poorly and need to delegate to the appropriate professionals in matters where I have zero expertise or training.  I have messaged him and asked for his input.  

[Critter-3]

OK ... the Partnership recieved the K-1 form so it is reported on the Partnership return  and then that partnership will issue it's own K-1 form to the partners.    A partnership is a pass thru entity so the income goes on the partnership return and gets passed thru to the partners.  You do NOT simply pass that received K-1 on to the partners ... it doesn't belong to them.

[mcborowski]

Yes, thank you.  I understand that part of it - the partnership must issue its own K-1s to the partners (members).  All partners file extensions to October 15.  Now I just need to issue K-1s to the partners. 

[Critter-3]

OK ... I am confused.  If you completed the partnership return then you should be able to print and distribute the K-1 forms without issue.  They cannot be sent electronically to the partners if that is what you thought you could do ... at least not thru the TT program.  If you save them as PDF files you could attach them to an email if you wish. 

[Mike9241]

did the partnership file an extension? the return was originally due 3/15 without one and 9/15 with it. late filing penalties are about $200/month/partner 

it's up to the IRS to bill you if you filed late. then you can request abatement of penalties if this is the first time you filed late. penalty abatement is at the discretion of the IRS

you can't do a partnership return online. you need Turbotax Business which can only be installed on a full windows PC.

https://turbotax.intuit.com/small-business-taxes/ 

also available through online retailers but be careful some are not legit. 

.

[mcborowski]

Thanks for the responses.  I've got this sorted out with my accountant.  Just to recap:  I have a four-member LLC that was formed for the sole purpose of making an investment in an LP.  That LP generates a K1 to the LLC which I received in April.  All members of the LLC file taxes on October 15.  I, as the managing member of the LLC, should have filed an extension for the LLC - I did not.  I should have already generated K1s for the members - I did not.  Will there be penalties and fees from the IRS?  Yes, most likely.  Can I get them abated as this is the first late filing?  Yes, most likely.  

Going forward, I will just have my accountant handle this return as I have mucked it up pretty well on my own.  

[Critter-3]

File the partnership return ASAP  and issue the K-1 forms to the partners so they can file their personal returns.

WHEN the IRS sends you a bill for the late filing you can beg stupidity (since this is your first time filing a 1065)  to get the penalty abated if you promise to never do it again.  There is only ONE abatement allowed per business.  Next time simply file an extension form 7004 by 3/15 to get until 9/15 to file the return.