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retns1314
New Member

I don't have an LLC . I have two sons that are partners. I need to know how to get to a 1065

 
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2 Replies

I don't have an LLC . I have two sons that are partners. I need to know how to get to a 1065

To complete a Form 1065 you will need to purchase, download and install on a Windows based personal computer the TurboTax Business Edition from this website - https://turbotax.intuit.com/small-business-taxes/

 

The TurboTax Business Edition cannot complete a personal tax return, Form 1040.

Carl
Level 15

I don't have an LLC . I have two sons that are partners. I need to know how to get to a 1065

A partnership has to file it's own physically separate tax return on IRS Form 1065. To complete the return you have to purchase and install TurboTax Business (different from Home & Business). TurboTax business is not available as an online product or for MACs. It's for the Windows operating system only.

Upon completing the 1065 Partnership Return each partner will be issued a K-1 which each partner will need in order to complete their own personal 1040 tax returns. So they can't even start their personal return until after the partnership return is completed and filed and all K-1's have been issued.

Note that the partnership return is Due March 15th. If an extension is filed and approved then it's due Sept 15th. For each month a partnership return is late, the late filing penalty is $200 per month, per partner. So if this is for 2018 and an extension was not filed the late filing penalty is presently at $2000 assuming there are only two partners in this partnership. If you have an approved extension then you have until Sept 15th to file the partnership return for 2018.

TurboTax Business for the 2019 tax year is not out yet and will not be out until the first week of December, 2019.

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