@usfacs wrote:
I have TurboTax Home and Business which includes the 1065 and K-1. The program keeps suggesting the 2 Sched C's and will not let me use the correct forms. I even started a new return to see if it wouold fix it and it does not.
No. Home & Business does not prepare a 1065. It can include the K-1s on your personal tax return, but to prepare the 1065 you need to use Turbotax Business, this is a separate program from Home & Business. You will have to purchase Turbotax Business to prepare the 1065, then you can use any version Deluxe or higher to include the K-1s.
Home & Business is giving you incorrect advice because it is not programmed to understand your situation. A husband and wife business can be reported on 2 schedule Cs if and only if...
a. the business is not incorporated and not organized as an LLC, or
b. the business is organized as an LLC in a community property state and the only two members of the LLC are the spouses.
Because you do not fit those conditions, you must prepare a 1065 first.
Note the deadline for filing form 1065 is March 15, not April 15, and the penalties are substantial, unless you apply for an extension before March 15.
https://turbotax.intuit.com/small-business-taxes/
