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Get your taxes done using TurboTax
i don't recommend doing a 1065 manually. to efile you would need desktop Turbotax Business -- only installs on full windows computer. https://turbotax.intuit.com/small-business-taxes/
actually, I highly recommend the use of a pro the first year unless you are knowledgeable in partnership taxation. there are some tax traps such as start-up expenses, sufficient basis for them to take the lossss. there could be other issues as well.
the return is already late. it was due 3/15
the losses will transfer to their 1040 return and be deductible to the extent of their basis in the partnership. excess losses can only be carried forward.
‎April 5, 2022
11:11 PM