Hi -
I have a very simple multi-member LLC - all it does is receive intellectual property royalty income of <$500/year. I use a Mac.
I need to generate a K-1 (1065) for myself and the other member. Is there a version of TurboTax that will help me? (It seems like TurboTax for Business isn't a good solution because it's Windows-only, is that right? Even if it was available for Mac, if it's a separate purchase from the personal editions, the minimal level of income from this entity doesn't really justify a separate purchase.) If not, does anyone have any suggestions other than filling out the forms by hand from the IRS?
You are correct that TurboTax for Business is Windows-only. As the return would only include minimal income and deductions, I recommend you fill out the forms by hand and mail them to the IRS and the state Department of Revenue. If you are not comfortable filling out the forms by hand, you may want to see if your business partner has a PC that can be used to download and use the TurboTax Business software at https://turbotax.intuit.com/small-business-taxes/ . While it is an extra expense, it may be worth it to ensure the tax return is filled out properly. The software also allows you to electronically file for free and the cost of the software would qualify as a tax deduction on the LLC's 2020 tax return.