rjs
Level 15
Level 15

Business & farm

Are you using TurboTax Business or TurboTax Home & Business. They are not the same.


TurboTax Business is not for preparing your own tax return. It's for preparing the Form 1065 tax return that the partnership files. As part of the partnership's tax return, it creates a Schedule K-1 for each partner.


The Schedule K-1 that you received from the partnership has to be entered in your personal Form 1040 tax return. You cannot prepare your personal Form 1040 tax return with TurboTax Business. You have to use one of the personal versions of TurboTax: Basic, Deluxe, Premier, or Home & Business. To enter your Schedule K-1 in one of the personal download versions of TurboTax, follow the instructions that Bsch4477 posted above. For more information see the following FAQ.


Where do I enter a K-1 that I received?