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posted Jun 6, 2019 7:37:30 AM

Just started a business and have no income yet, but need to fill out 1065 and K-1 for both partners. can i use turbotax to help me with both?

I just received our EIN from IRS, they said because we formed LLC in December 2016 that we need to fill out and submit 1065 and K-1's by 9/26/2017.  Can I use turbotax for this?

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1 Best answer
Level 13
Jun 6, 2019 7:37:31 AM

To answer your overriding question, "yes" TT does provide software to complete form 1065 along with the applicable schedule K-1.  The software for this is TT Business (not Home and Business as that is for individuals).  The link for this software 

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

I have a couple of additional comments:

  1. Not sure how the IRS is getting a due date of 9/26/2017.  In general this makes no sense.  Assuming you have a calendar year end, the original due date would have been 4/18/2017 [corrected original due date is 3/15/2017 due to the change as noted by TGB below).  If the return was extended, then the due date is 9/15/2017.
  2. Regardless of comment #1, see the attached link for the instructions.  If you have no income or expenses then you are not required to file a form 1065 as noted on page 2 of the instructions under "who must file".  
  3. https://www.irs.gov/pub/irs-pdf/i1065.pdf
  4. Finally, have you really begun business?  This goes along with comment #2. 
  5. There are not sufficient facts provided to provide much more guidance.  Since this is your first form 1065 and your comment on the IRS noted due date makes no sense, you may want to seek advice from a tax professional to get you started on the right path with a one on one discussion of the facts.

3 Replies
Level 13
Jun 6, 2019 7:37:31 AM

To answer your overriding question, "yes" TT does provide software to complete form 1065 along with the applicable schedule K-1.  The software for this is TT Business (not Home and Business as that is for individuals).  The link for this software 

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

I have a couple of additional comments:

  1. Not sure how the IRS is getting a due date of 9/26/2017.  In general this makes no sense.  Assuming you have a calendar year end, the original due date would have been 4/18/2017 [corrected original due date is 3/15/2017 due to the change as noted by TGB below).  If the return was extended, then the due date is 9/15/2017.
  2. Regardless of comment #1, see the attached link for the instructions.  If you have no income or expenses then you are not required to file a form 1065 as noted on page 2 of the instructions under "who must file".  
  3. https://www.irs.gov/pub/irs-pdf/i1065.pdf
  4. Finally, have you really begun business?  This goes along with comment #2. 
  5. There are not sufficient facts provided to provide much more guidance.  Since this is your first form 1065 and your comment on the IRS noted due date makes no sense, you may want to seek advice from a tax professional to get you started on the right path with a one on one discussion of the facts.

Level 9
Jun 6, 2019 7:37:33 AM

Original due dates for Partnerships have now changed to March 15th, rather than April 15th.

Level 13
Jun 6, 2019 7:37:35 AM

Yep. You are correct.  Long time habits are hard to break.  I edited my response.  Thanks TGB.