TT Business created a K-1 for my wife's LLC. When I use TT Deluxe for our personal taxes, it asks for assets I bought for the LLC, but I already entered them in TT Biz.

[DrSherman]

TT Business created a K-1 for my wife's LLC. When I use TT Deluxe for our personal taxes, it asks for assets I bought for the LLC, but I already entered them in TT Biz.

Why do I need to enter assets bought for the business in TT Deluxe? Besides the double work, I'm afraid TT Deluxe would be claiming a duplicate asset, raising a red flag.

If that helps, I paid from my own pocket (I'm not part of the LLC) because the business is still slow to take off -- the K-1 shows a loss for 2016.

[Cattlerancher · Accepted solution]

You are right, do not enter them twice. As I understand it, a single member LLC can use schedule C or F. A multiple member LLC must use TT Business. If you want to just enter a K-1 in TT Deluxe, don't enter the LLC business too.

The K-1 is entered in it's own location in TurboTax. I've attached a page snip to show you;

[DrSherman]

Thanks for the clarification. But it beats me why TT Deluxe asks for business info from a LLC for which a K-1 exists. Would love to see someone from Intuit to also comment on this.