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dyanep12
New Member

What do I need to file a 1065 form for a LLC partnership so I can get a K1? Can I use Turbo Tax Self Employed?

 
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1 Reply
rjs
Level 15
Level 15

What do I need to file a 1065 form for a LLC partnership so I can get a K1? Can I use Turbo Tax Self Employed?

You have to file a Form 1065 because that's the way the tax law works. A partnership must file it's own Form 1065 tax return, separate from the personal tax returns of the partners. The partnership return includes a Schedule K-1 for each partner. Each partner has to include the information from the Schedule K-1 in his or her personal Form 1040 tax return.

You can use TurboTax Self-Employed for your personal Form 1040 tax return, but you cannot report your income from the partnership as if it were self-employment income. Using TurboTax Self-Employed for your personal tax return does not eliminate the partnership's obligation to file its own Form 1065 tax return. You cannot file a Form 1065 with TurboTax Self-Employed. You have to use TurboTax Business (not Home & Business) for the Form 1065 return. TurboTax Business is not available as an online service, and it is not available for Mac. It's available only as software that you install on a Windows computer from a CD or a download. You cannot use TurboTax Business to file your personal Form 1040 tax return.

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