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posted Jan 7, 2023 1:05:36 PM

Will turbo tax prepare Form 1065 for my LLC at the same time and on the same account as my Form 1040?

When using turbo tax is preparation of Form 1065 separate from preparing form 1040?

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3 Replies
Level 15
Jan 7, 2023 1:08:31 PM

Yes it is separate .   You need to buy Turbo Tax Business, not to be confused with the personal Home & Business version. Home & Business is just for personal returns that need schedule C for self employment. TT Business is not available to do online or on a Mac. You can buy the Windows Desktop program here,
https://turbotax.intuit.com/small-business-taxes


You can have both a personal program and the Business program installed on the same computer at the same time.

 

You will get a W2 or K-1 from the business return to enter into your personal return. So you will need to do the Business return first.


Window System Requirements
https://ttlc.intuit.com/community/system-requirements/help/minimum-system-requirements-for-turbotax-windows-software/00/26175

 

Level 15
Jan 7, 2023 1:09:24 PM

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

 

You need to prepare your 1065 using TurboTax Business and then use a TurboTax individual income tax preparation product in order to prepare your 1040 and include the K-1 (1065) from your LLC.

Level 15
Jan 7, 2023 1:11:15 PM

The personal editions of TurboTax cannot be used to complete and file a Partnership tax return, Form 1065.

You will need the TurboTax Business Edition for the 1065.  The Business edition can only be installed on a Windows based personal computer, not on a Mac or online.  The Business Edition cannot be used for a personal tax return, Form 1040.

Go to this TurboTax website for the Business Edition - https://turbotax.intuit.com/small-business-taxes/

 

The Business Edition will create a Schedule K-1 which is entered on your personal tax return.