If you have a partnership LLC you will need to use TurboTax Business to file your partnership 1065. This will generate a k-1 for each of you. The K-1 is entered on your personal return by:
- Click on Federal Taxes
- Income & Expenses
- Scroll down to Business Investment and Estate/Trust Income and click Show More
- Click Start next to Schedule K-1
If on the other hand, your business is a sole proprietorship or a Single Member LLC (not required to file 1065) you will then just need to use TurboTax Self-Employed which will take you through the steps to fill out a Schedule C. If this is the case, you will not have a K-1.
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