The partnership return will be prepared by a tax professional. Our partnership agreement requires partners to pay some business expenses without reimbursement.
I would like some help on my personal return since I'm new to entering the K-1 and unreimbursed expenses. Which version is best for this scenario, given that I may have a couple of questions to ask Live regarding the unreimbursed partnership expenses (I believe I'll need Schedule E)?
If you have a multi-member LLC then you need TurboTax Business which is only available as a desktop software--there is no "Live" version. "Live" is only a feature of online TurboTax.
Further, TT Business can only be installed on a Windows PC--not to a Mac.
Oh, I should have specified. The partnership return will be prepared by a tax professional. I would like some help on my personal return since I'm new to entering the K-1 and unreimbursed expenses. Which version would be appropriate for that scenario?
In the online versions, you will need TT "Self Employed".
For desktop, use Deluxe or higher (Premiere or Home & Business).
Since you will get a K-1 you need the Premier or better if you use the ONLINE version ... or you can use any of the Downloaded versions.
READ the interview screens carefully for UPE ...
@Critter I don't think they have said much except that it is on some "list" for Khouros to fix. It is probably low priority since they are working on migration for Canada.
I am filing form 1065 and I am the operating manager and my partnership is in an revocable trust. The partnership will not allow me to be the tax representative.
When you enter the information from your K-1, TurboTax will automatically flow the information to Schedule E, page 2.
You can enter expenses related to the K-1 in the K-1 entry interview. To do this follow these steps:
@FixinToFile
I'm not sure what you're asking. As a general partner/operating manager you can't indicate in TurboTax that you are the Tax Matters partner?