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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
February 4, 2025
5:44 PM