If your wife is a partner, whoever prepares the Form 1065 tax return for the partnership should give your wife a Schedule K-1 showing her share of the partnership's income and expenses. You will enter the information from the Schedule K-1 in your joint tax return, or in your wife's tax return if she is filing separately. Here's how to enter the Schedule K-1 in TurboTax Home & Business.
- Click the Personal tab.
- Click Personal Income.
- Click "I'll choose what I work on" or "Jump to a full list."
- On the screen "Your 2016 Income Summary," scroll down to the section "Business Investment and Estate/Trust Income."
- Click the Start, Update, or Revisit button for Schedule K-1.
- Two screens later it will ask you what type of Schedule K-1 you have. Be sure to click the correct button for the type that you have: Partnerships/LLCs (Form 1065).
