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ksmerola
New Member

We are members of 14 partnerships and want to file with turbo tax business, How do we file 14 partnership returns when there are only 5 allowed?

 
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Accepted Solutions
SweetieJean
Level 15

We are members of 14 partnerships and want to file with turbo tax business, How do we file 14 partnership returns when there are only 5 allowed?

1) The late filing penalty for a 1065 Partnership Tax Return is $195 dollars per partner per month (up to 12 months).

2) You cannot now efile 2016 or any earlier year.  For 2017,you can use TT Business to prepare multiple returns, but only 5 can be efiled. The rest must be printed and mailed.

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8 Replies
SweetieJean
Level 15

We are members of 14 partnerships and want to file with turbo tax business, How do we file 14 partnership returns when there are only 5 allowed?

1) The late filing penalty for a 1065 Partnership Tax Return is $195 dollars per partner per month (up to 12 months).

2) You cannot now efile 2016 or any earlier year.  For 2017,you can use TT Business to prepare multiple returns, but only 5 can be efiled. The rest must be printed and mailed.

SweetieJean
Level 15

We are members of 14 partnerships and want to file with turbo tax business, How do we file 14 partnership returns when there are only 5 allowed?

See "Late Filing of Return" here:
<a rel="nofollow" target="_blank" href="https://www.irs.gov/instructions/i1065">https://www.irs.gov/instructions/i1065</a>
Critter
Level 15

We are members of 14 partnerships and want to file with turbo tax business, How do we file 14 partnership returns when there are only 5 allowed?

A partnership return on Form 1065 is required even though the partnership has no taxable income. A penalty of $195 per partner per month is imposed on the partnership for failure to file a timely or complete Form 1065 (a maximum of 12 months' penalty).


Critter
Level 15

We are members of 14 partnerships and want to file with turbo tax business, How do we file 14 partnership returns when there are only 5 allowed?

You mail in the others OR use a professional program. 

Critter
Level 15

We are members of 14 partnerships and want to file with turbo tax business, How do we file 14 partnership returns when there are only 5 allowed?

Hopefully you are looking for the 2017 returns ....because the 2016 returns are now very late & the penalties are going to eat you alive.
SweetieJean
Level 15

We are members of 14 partnerships and want to file with turbo tax business, How do we file 14 partnership returns when there are only 5 allowed?

You can no longer efile 2016 returns using TT.
ksmerola
New Member

We are members of 14 partnerships and want to file with turbo tax business, How do we file 14 partnership returns when there are only 5 allowed?

1. Partnerships do not pay penalties 2) I didn't ask about any certain year
SweetieJean
Level 15

We are members of 14 partnerships and want to file with turbo tax business, How do we file 14 partnership returns when there are only 5 allowed?

If you are a tax preparer, you cannot use TT, just the professional program.
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