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The partnership files its own separate tax return just for the business. You can use Turbotax Business -- this is not the regular personal Turbotax program and is only available for PC; not online and not on Mac. As part of the partnership return, each partner gets a K-1 statement that lists their share of income and expenses.
Then, on you and your spouse's personal tax return, you include all your income and personal deductions and dependents, including any W-2s, the K-1, and any other investment income, etc.
The partnership files its own separate tax return just for the business. You can use Turbotax Business -- this is not the regular personal Turbotax program and is only available for PC; not online and not on Mac. As part of the partnership return, each partner gets a K-1 statement that lists their share of income and expenses.
Then, on you and your spouse's personal tax return, you include all your income and personal deductions and dependents, including any W-2s, the K-1, and any other investment income, etc.
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