The partnership has to file it's own partnership tax return, Form 1065, separate from your personal Form 1040 tax return. Part of the partnership tax return is a Schedule K-1 for each partner. You enter the information from your Schedule K-1 in your personal tax return.
You cannot file a Form 1065 partnership tax return with TurboTax Home & Business. You need TurboTax Business (which is not the same as TurboTax Home & Business) for the partnership return. TurboTax Business is available only as CD or download software, and only for Windows. Go to the following link for more information about TurboTax Business, and to purchase it.
TurboTax Business
The filing deadline for partnership returns is March 15, not April 15, and late-filing penalties are high. You can request an extension to September 15 if necessary.
TurboTax Business cannot do your personal Form 1040 return. You still need one of the personal editions for that. You can use the TurboTax Home & Business that you already have to prepare your personal tax return.
