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A K-1 would be generated by a partnership or S-Corp. If you formed your business as either a Partnership or an S-Corp and are required to file either the 1120S or 1065 you would need to use TurboTax Business to file your Partnership or S-Corp return. Either filing will generate a Schedule K-1 which you will then use to file your personal income tax return. The K-1 is entered on your personal return by:
If on the other hand, your business is a sole proprietorship or a Single Member LLC (not required to file 1065) you will then just need to use TurboTax Self-Employed which will take you through the steps to fill out a Schedule C. If this is the case, you will not have a K-1.
A K-1 would be generated by a partnership or S-Corp. If you formed your business as either a Partnership or an S-Corp and are required to file either the 1120S or 1065 you would need to use TurboTax Business to file your Partnership or S-Corp return. Either filing will generate a Schedule K-1 which you will then use to file your personal income tax return. The K-1 is entered on your personal return by:
If on the other hand, your business is a sole proprietorship or a Single Member LLC (not required to file 1065) you will then just need to use TurboTax Self-Employed which will take you through the steps to fill out a Schedule C. If this is the case, you will not have a K-1.
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