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Level 3
posted Nov 18, 2019 7:28:44 PM

Which TurboTax Live version should I pick for my personal return if I was part of a partnership (multi-member LLC) with unreimbursed business expenses?

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)?

0 9 2965
1 Best answer
Level 15
Nov 19, 2019 9:27:44 AM

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 ...

 

9 Replies
Level 15
Nov 18, 2019 7:32:36 PM

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.

 

https://turbotax.intuit.com/small-business-taxes/

Level 3
Nov 18, 2019 7:36:20 PM

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?

Level 15
Nov 19, 2019 8:43:27 AM

In the online versions, you will need TT "Self Employed".

 

For desktop, use Deluxe or higher (Premiere or Home & Business).

Level 15
Nov 19, 2019 9:27:44 AM

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 ...

 

Level 15
Nov 19, 2019 9:43:12 AM

Level 15
Nov 19, 2019 9:44:07 AM

@Hal_Al @xmasbaby0 

 

When is the option to add a screenshot going to be fixed ?? 

Level 15
Nov 19, 2019 10:40:33 AM

@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.

Returning Member
Apr 8, 2021 1:10:01 PM

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. 

Expert Alumni
Apr 8, 2021 1:38:09 PM

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:

  1. Click on Federal > Wages & Income
  2. In the Business Investment and Estate/Trust Income section click on the box next to Schedule K-1.
  3. Click Yes on the next screen, Did you receive any Schedules K-1?
  4. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to the type of entity that issued the K-1 (S-Corps, Partnerships, Trust/Estate).
  5. If you have already entered K-1 information, you will see a Summary screen.  Click Edit to continue with the existing form entry
  6. Continue through the screens until you reach Describe the Partnership.
  7. On this screen mark the box I am required to pay supplemental business expenses on behalf of this partnership/LLC for which I am not reimbursed. and click Continue.
  8. On the next screen, Unreimbursed Partnership Expenses, click the blue Yes box.
  9. Continue through the screens, entering any expenses incurred.

@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?

@hinklebl