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Started an LLC with 2 partners

How do I enter income and expenses from my company
1 Best answer

Accepted Solutions
Level 9

Started an LLC with 2 partners

If you are a partnership, you will need to file form 1065 which you can get here: https://turbotax.intuit.com/small-business-taxes/ Once the 1065 has been generated and filed, you will be provided Schedule K-1 for each partner which reports the income and expenses of the business. The K-1 will be reported on the personal returns. 

The program will walk you through where to report the income and expenses from the business. It will also give you an opportunity to allocate the income and expenses based on ownership percentage. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Level 9

Started an LLC with 2 partners

If you are a partnership, you will need to file form 1065 which you can get here: https://turbotax.intuit.com/small-business-taxes/ Once the 1065 has been generated and filed, you will be provided Schedule K-1 for each partner which reports the income and expenses of the business. The K-1 will be reported on the personal returns. 

The program will walk you through where to report the income and expenses from the business. It will also give you an opportunity to allocate the income and expenses based on ownership percentage. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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