Responses to your questions:
- Yes you will need to purchase separate software to prepare your personal tax return.
- If you want to use the online software you would need to purchase at least the Premier version.
- If you want to use the desktop software, you will need to purchase at least the Deluxe version.
- Only the desktop versions of the personal software allow for a transfer of the K-1 information. However, the K-1 must be in a .TXT file format. The Business version does not accommodate that format.
- Inputting the K-1 information manually is fairly straight forward especially if you follow the step-by-step question approach.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
