Business & farm

No.  Only one person needs the Business program to file the 1065 return.   Business prepares the Schedule K-1 to give to each member.  They enter the K-1 into their personal returns.  How did you already create the K-1 without using the Business program and filling out the 1065 return?

 

They don’t have to worry about the 1065.  On their personal return……

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Scroll down to S-corps, Partnerships, and Trusts or to Business items

Schedules K-1, Q - Click the Start or Update button

 

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

 

 

 

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