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carfield
New Member

What edition for filing tax return combining small business income from 1065 and personal income from W2?

Thanks for your help!

 

Here is the situation of my family: my wife has income from partnership of a small donuts shop (Form 1065 and Schedule K). I have W2 income from work. Currently filing her 1065 is taken care of by her book-keeper. 

 

In this case, what edition of Turbo Tax should we get to file her income (loss) and my W2 income as "Married Filing Jointly"? Is Deluxe or Primer enough, or I have to get Home and Business? I thought her 1065 is taken care of, so Deluxe or Primer should be OK for filing family personal income?

 

Thank you very much for your suggestions! 

3 Replies
rjs
Level 15
Level 15

What edition for filing tax return combining small business income from 1065 and personal income from W2?

If you use TurboTax Online you need Premier in order to enter the Schedule K-1 from the partnership. You do not need Self-Employed. If you use the CD/Download TurboTax software you can use any edition.

 

carfield
New Member

What edition for filing tax return combining small business income from 1065 and personal income from W2?

Thanks!

 

Here are the forms we received from the book-keeper:

 

Form 1065 with Schedule B, K, L, M1 and M2, 1125-A, Schedule K-1, 4562,
CA 565, Schedule K-1, 3885P
 
Can Primer handle all those forms, or I would need Home and Business?
 
Thank you very much!
 
rjs
Level 15
Level 15

What edition for filing tax return combining small business income from 1065 and personal income from W2?

The only one of those forms that you have to enter in your personal tax return is the Schedule K-1. All the rest are just a copy of the partnership's tax return. You can enter the Schedule K-1 in TurboTax Premier Online.


There is no TurboTax Home & Business Online. TurboTax Home & Business is CD/Download software that you install on your own computer. The equivalent online edition is called TurboTax Self-Employed. You do not need TurboTax Self-Employed to enter a Schedule K-1. You can use Premier. If you use the TurboTax CD/Download software instead of TurboTax Online you can enter a Schedule K-1 in any edition. You do not need Home & Business.

 

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