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New Member

What turbo tax is used for an llc partnership

 
8 Replies
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Level 15
Level 15

What turbo tax is used for an llc partnership

To prepare a Form 1065 partnership return for a multi-member LLC you have to use TurboTax Business (which is not the same as TurboTax Home & Business). TurboTax Business is available only as CD or download software, and only for Windows. Go to the following link for more information about TurboTax Business, and to purchase it.

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

TurboTax Business cannot prepare your personal Form 1040 tax return, and none of the personal editions of TurboTax can prepare a Form 1065 partnership return.

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Returning Member

What turbo tax is used for an llc partnership

Since Business cannot prepare personal but all forms flow to personal return, can I import business forms into personal turbotax software to complete and file?

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Level 15

What turbo tax is used for an llc partnership


@vroth80538 wrote:

Since Business cannot prepare personal but all forms flow to personal return, can I import business forms into personal turbotax software to complete and file?


No.  The tax data file from the Business Edition cannot be transferred to one of the personal editions.  And a tax data file from one of the personal editions cannot be transferred to the Business Edition.

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Returning Member

What turbo tax is used for an llc partnership

Then how does one file a full return, electronically?

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Level 15

What turbo tax is used for an llc partnership

You can efile a Business return and a personal return.  What exactly is your question?  You will get a K-1 or W2 from the business return that you have to manually enter into your personal return.  So you have to prepare the business return first.

Returning Member

What turbo tax is used for an llc partnership

Apologies if the question wasn't clear. Guess I'll be more specific.

I haven't used turbotax since owning multiple LLCs and one S-corp as I used a CPA firm but when I used previously, I just clicked 'file' for federal and then state and I'm done. Now, I have business for businesses and home and business for personal and just wasn't sure how to file it all. 

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Returning Member

What turbo tax is used for an llc partnership

And, btw besides w2 employment, I own the partnership LLCs and S-corp so I am creating K-1s, 1065s, 1120, etc. so I need to prepare everything.

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Level 15

What turbo tax is used for an llc partnership

Where are you stuck?  Have you started filling out the returns?  After you prepare the returns by entering all your info it will take you through Review and then the File tab.  Should be pretty straightforward.

 

Did ,you get the Business program installed?  Start a new return, go up to File-New.