I need to file a LATE 2019 1065 (and subsequently my 1040). We are a married couple who jointly own the LLC. Will the Turbotax software e-file & create my K-1s?

[Mike9241]

TurboTax Business can prepare the return (actually you input all the info TT only does the calculations). it can't be e filed.

https://turbotax.intuit.com/personal-taxes/past-years-products 

[lindsaymcgrath1]

Understood re: e-filing.   Will Turbotax software still generate the K-1s?  And would the software assess my late fees for filing or will I need to wait for a letter from the IRS?

[Rick19744]

I recommend you get this filed as quickly as possible.  

I would also recommend you send the return certified mail return receipt.  The reason for this is because the penalties for late filing of a partnership return add up quickly.

The late filing penalty is $205 per month per partner / member; maximum of 12 months = $4,920 (based on your facts).

Don't have TT assess any penalty.  Wait until you receive the IRS notice.  At that point you can either pay the penalty or write a letter requesting the penalty be abated - but you will need a reasonable reason.  Also send any response letter certified mail return receipt.  This nominal cost gets you a signed document that the IRS received your response should you need that.

Keep in mind that the IRS is behind in most things related to processing paper returns and responses.