@wongkcus wrote:
Thanks.
I am going to file 1065 as is required. Along with the two K-1s.
In that filing i will check it as a final return as I'm withdrawing ownership to the LLC.
After withdrawal, i am no longer participating in the LLC or its activities.
Does want to know though how can i proceed with filing with the Home & Business TT software, whether i have to include the K-1s (for the last time even) as part of 2020 married join file?
You don't pay any business tax on the 1065. That form lists all the business income and expenses for IRS information and then reports each partner's share of the income and expenses on a K-1. The partners must report the K-1 on their tax return in order to report the income and pay the tax. You and your spouse will each list your K-1 separately on your personal tax return (form 1040) which you can prepare with Turbotax.
Using the desktop program installed on your own computer, any version Deluxe or higher will support the K-1s. In Turbotax Online, you need Premier or Self-employed to report the K-1s.
