We are members of 14 partnerships and want to file with turbo tax business, How do we file 14 partnership returns when there are only 5 allowed?

ksmerola · ‎June 6, 2019

SweetieJean · ‎June 6, 2019

1) The late filing penalty for a 1065 Partnership Tax Return is $195 dollars per partner per month (up to 12 months).

2) You cannot now efile 2016 or any earlier year. For 2017,you can use TT Business to prepare multiple returns, but only 5 can be efiled. The rest must be printed and mailed.

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SweetieJean · ‎June 6, 2019

See "Late Filing of Return" here:
<a rel="nofollow" target="_blank" href="https://www.irs.gov/instructions/i1065">https://www.irs.gov/instructions/i1065</a>

Critter · ‎June 6, 2019

A partnership return on Form 1065 is required even though the partnership has no taxable income. A penalty of $195 per partner per month is imposed on the partnership for failure to file a timely or complete Form 1065 (a maximum of 12 months' penalty).

The "small partnership" exception: a way to escape partnership tax ...

https://www.extension.iastate.edu/agdm/articles/harl/HarlMar12.html

Critter · ‎June 6, 2019

You mail in the others OR use a professional program.

Critter · ‎June 6, 2019

Hopefully you are looking for the 2017 returns ....because the 2016 returns are now very late & the penalties are going to eat you alive.

SweetieJean · ‎June 6, 2019

You can no longer efile 2016 returns using TT.

ksmerola · ‎June 6, 2019

1. Partnerships do not pay penalties 2) I didn't ask about any certain year

SweetieJean · ‎June 6, 2019

If you are a tax preparer, you cannot use TT, just the professional program.

We are members of 14 partnerships and want to file with turbo tax business, How do we file 14 partnership returns when there are only 5 allowed?

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