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lesliereneewood
New Member

The prompts for income and expenses for a small business that I own as a partnership have changed for 2020. Where do I indicate that I only own 50% of the smallbusiness?

It is a general partnership, not an LLC.
5 Replies
VolvoGirl
Level 15

The prompts for income and expenses for a small business that I own as a partnership have changed for 2020. Where do I indicate that I only own 50% of the smallbusiness?

You need to file a 1065 Partnership return.   Then you will each get a K-1 and maybe a W2 to enter into your personal return.   Or did someone else file the Partnership return?

 

Turbo Tax Business is a separate program from Home & Business.  It is not available to do online or on a Mac.

You can buy the Window's version here…..

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

 

 

Critter-3
Level 15

The prompts for income and expenses for a small business that I own as a partnership have changed for 2020. Where do I indicate that I only own 50% of the smallbusiness?

Partners will only get a K-1 from the partnership. They cannot be employees of the partnership so they will never get a W – 2.

Critter-3
Level 15

The prompts for income and expenses for a small business that I own as a partnership have changed for 2020. Where do I indicate that I only own 50% of the smallbusiness?

And the  form 1065 was due 3/15 unless it went on extension the it was due to be filed yesterday on 9/15. Expect a penalty for late filing. If this is your first partnership return you may want to seek local professional guidance to get the return filed correctly and get educated on the filing of a 1065 form. A professional should also get the penalty waived which is $195 per partner per month so you already owe more than $2400.

lesliereneewood
New Member

The prompts for income and expenses for a small business that I own as a partnership have changed for 2020. Where do I indicate that I only own 50% of the smallbusiness?

Unfortunately, none of these responses were helpful.  I was asking how to navigate to the screen in TurboTax that would prompt me for my % of the partnership.  I have a 1065 and K-1 for every year that we've been in business.  I know when they are due.  I wasn't asking that.  I ended up finding it myself by looking through the Income topics.  

Critter-3
Level 15

The prompts for income and expenses for a small business that I own as a partnership have changed for 2020. Where do I indicate that I only own 50% of the smallbusiness?

The TT PERSONAL tax program will not ask you for your  % of ownership as that is already reflected in the figures on the K-1 form which only reflects your % in the partnership.  

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