My wife and I have used Turbotax Home & Business for years, because I operate(d) a sole proprietorship and file(d) Schedule C. In 2021, my wife and I have continued to operate the business, but as a partnership (agreement, not LLC or PA). So we now have a federal TIN.
When we received the TIN, the notice said we would have to file a Form 1065 by March 15, 2022. However, this form appears to be available only with the higher-priced Turbotax Business edition. Also, we file a 1040 return filing jointly as husband and wife. And Turbotax Business cannot be used to file an individual 1040. As far as I can determine in the code, Form 1065 is the only "business return" that a partnership like ours must file. I don't want to pay $150+ to produce one form (1065), and then have to pay another $100 to complete the joint 1040 with a Schedule C and K1 forms.
My first thought is simply to download Form 1065 and instructions from the IRS and complete the form by hand, including the K1 forms that we must file with our 1040. Is this a bad plan? Or perhaps Turbotax just isn't our best option for our 2021 taxes?
Do you have any thoughts?
Tom
