If the business was closed and the last Form 1065 filed was marked as final you can include the income on the partner (or partners) returns who own the income. Report it based on the type of income. If you are no longer in business you can use the steps below to enter the income as 'Other Income':
- Click Federal Taxes -> Wages & Income and scroll down to Less Common Income
- Go to the last selection, Miscellaneous Income and click Start
- Go to the last option, Other reportable income and click Start
- When it asks, "Any other reportable income?" > yes and then type in a description and the amount to report it on your tax return.
- TurboTax Online and TurboTax CD/Download will use the same procedure.
If you did not file your final partnership return (Form 1065) you can do that by hand using the IRS forms or you can use TurboTax Business software. Only individual returns can be completed in TurboTax Home & Business CD/Download.
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