New Farm Business LLC

[TheChickenCoop]

We downloaded TurboTax Business and completed our taxes for the farm.  We generated the 1065.    Now I think we need to take that to our personal taxes.   I'm not sure how we do that.    Any advice greatly appreciated!  

[Anonymous_]

Please confirm that you completed a 1065 for the LLC using TurboTax Business.

If so, you would have needed to add members in the program and each member would receive a K-1 that they would enter into their individual income tax returns.

TurboTax Business generates K-1s automatically in this instance so follow the instructions in the program to issue them to your members.

[AliciaP1]

As @Anonymous_ mentions, the Form 1065 you filed includes a Schedule K-1 (and possible subsequent statements with it) that you will use when completing your personal taxes.

To enter your K-1(s) into TurboTax Online you can follow 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. You may be prompted to upgrade to Premier, if you're not already using it.
5. We’ll ask some questions about your K-1, and then you’ll enter the data from the form.

@TheChickenCoop