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taxthemnotme
New Member

Should I use Turbo Tax Business for a Schedule K-1 (form 1065) from purchase of stock in a limited partnership (LP) company out of state?

 
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AmandaR1
New Member

Should I use Turbo Tax Business for a Schedule K-1 (form 1065) from purchase of stock in a limited partnership (LP) company out of state?

Purchasing stock from a partnership does not require you to file a business form. The partnership itself files form 1065, with a schedule K-1 for each partners. With a schedule K-1, you'll need TurboTax Deluxe or Premier, depending on the activity flowing through the partnership (most likely Premier for MLPs).

If you own a partnership and need to file the 1065 form, then you're correct to use TurboTax Business. 

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AmandaR1
New Member

Should I use Turbo Tax Business for a Schedule K-1 (form 1065) from purchase of stock in a limited partnership (LP) company out of state?

Purchasing stock from a partnership does not require you to file a business form. The partnership itself files form 1065, with a schedule K-1 for each partners. With a schedule K-1, you'll need TurboTax Deluxe or Premier, depending on the activity flowing through the partnership (most likely Premier for MLPs).

If you own a partnership and need to file the 1065 form, then you're correct to use TurboTax Business. 

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