Farm Income and Expenses vs. 1065 and Personal k-1s

miobst · ‎July 12, 2020

My wife and I both equally own a small farm llc. We already filed our 1065 business taxes and have K-1s for both of us. We're now trying to use Turbo Tax Home and Business 2019 to file our personal taxes. Under the business tab there is farm income and expenses. This seems redundant to the 1065 we filed previously. Do we re-fill out that portion or would it be double dipping/paying twice as much?

Thanks!

tagteam · ‎July 12, 2020

@miobst wrote:

Do we re-fill out that portion or would it be double dipping/paying twice as much?

You would simply enter the information from the K-1s into the program; the 1065 would (or should) contain all of the requisite information regarding farm income and expenses which will be reflected on your K-1s.

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Farm Income and Expenses vs. 1065 and Personal k-1s

Business & farm