My 1065 (LLC Business Return - first year filing....) is showing no tax is due. Where/how can I find out if I'm getting a refund?

[MtBoy-sGirl]

I'm trying to find out if I the business will get a refund and I can not find find any info relating to refunds (or payments) on my return (other than TurboTax stating 'No tax is due with your Federal income tax return' on the filing instruction page)

[IsabellaG]

A 1065 is a Partnership return, and a partnership pays no tax, and gets no refunds. What happens is that the profit or loss from your Partnership flows through to the partners individual tax returns, via the Form K-1. You need to add the K-1 information for your share of the profit (loss) to your regular 1040 tax return, after you file your 1065.

Please see this IRS Publication for more information: 

https://www.irs.gov/pub/irs-pdf/p541.pdf

[MtBoy-sGirl]

Thanks! So, if I will file the business returns and then follow the instructions for the personal returns. If there is a business loss on the K1 there may be a refund on the personal (I know there are several other factors....but high level speaking)

[IsabellaG]

Yes, that's the basic idea.

[MtBoy-sGirl]

Thanks a lot! I appreciate the help!

[IsabellaG]

You're welcome!