Can I file a form 1065 tax return through TurboTax?

[CWA1]

I need to file a Form 1065 for an LLC my wife and I own.  Can I do this using TurboTax website?

[Anonymous_ · Accepted solution]

If you and your wife hold your interests in the LLC as community property in a community property state, then you can treat the LLC as a disregarded entity and each of you can file a Schedule C (Form 1040) according to your interests in the LLC. If that is the case, you can use TurboTax Self-Employed through the TurboTax web site (i.e., you can prepare your return online).

See https://www.irs.gov/pub/irs-drop/rp-02-69.pdf

Otherwise, the LLC will have to file a Form 1065 and the TurboTax product that is capable of preparing a 1065 is TurboTax Business (link below). TurboTax Business cannot be used to prepare your individual income tax return so you will need a personal income tax preparation product. Further, TurboTax Business is not available as an online product; it must be installed and run in a Windows environment (there is no Mac version).

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

Note that if you have absolutely no accounting or income tax preparation experience with respect to entities, you might want to seek professional guidance.

[JagdishCAgrawal]

Yes, you can file completed 1065 as a Business tax return.

[Irene2805]

For a Partnership return (1065)  you will need TurboTax Business, which is only available in a CD/Download format.  You can visit the following link to purchase the program: TurboTax Business.  

TurboTax will take you through an interview to prepare the business return, similar to the personal (1040) products.  As part of preparing the 1065 return, TurboTax will prepare K-1 forms for each partner.  You will need to enter the information from the K-1 into your personal 1040 return.

[carla21]

What is a 'community property state'?

[JamesG1]

Generally, the property, income, and assets owned by a married couple residing in a community property state is jointly owned by the couple, with exceptions for property acquired before the marriage or through a gift or inheritance.

Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin are all community property states. 

See TurboTax Help.

[username-unknown]

The link to TTB does not work...

[VolvoGirl]

Which link?  Do you need to file a separate Business return?

Turbo Tax Business is not available to do online or on a Mac. You can buy the Window version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
https://turbotax.intuit.com/small-business-taxes

Window System Requirements
https://ttlc.intuit.com/community/system-requirements/help/minimum-system-requirements-for-turbotax-...

[ayoung88]

What happen if my wife and I are living in a community state but have interest in a LLC formed in a state such as Hawaii that is not a community state, does it mean that I will still need to file 1065 for the LLC?

[Vanessa A]

Yes. If your partnership is formed in HI, you would need to file a 1065. This form is due March 15 instead of April 15th. 

A business jointly owned and operated by a married couple is a partnership (and should file Form 1065, U.S. Return of Partnership Income) unless the spouses qualify and elect to have the business be treated as a qualified joint venture, or they operate their business in one of the nine community property states.

Since you have elected to be treated as an LLC, you do not otherwise qualify for the qualified joint venture.

You would also need to file a HI N-20 for HI and a 1065 for the IRS.  The LLC would fall under HI rules