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New Member
posted Jul 11, 2020 9:13:12 PM

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! 

0 3 279
3 Replies
Level 15
Jul 11, 2020 10:19:58 PM

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.

 

New Member
Jul 11, 2020 10:27:01 PM

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!
 

Level 15
Jul 11, 2020 11:06:58 PM

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.