In a business partnership, do i only count half the store revenue on my taxes?

[VolvoGirl]

Are you filling out Schedule C?  That's wrong.  You should be filing a separate Partnership return, either a 1120 or 1065.   Then you get a schedule K-1 to enter into your personal return.   You might need to get local CPA or tax accountant help to set it up right.

[AliciaP1 · Accepted solution]

If your business qualifies as a partnership, the business is required to file Form 1065, U.S. Return of Partnership Income, and from that, the business will issue you a Schedule K-1.  You then enter the information from the K-1 into TurboTax for your personal return by following these steps:

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.

[Carl]

You count everything, exactly as shown on the 1065 Form K-1 issued to you by the partnership.