@Tom77 wrote:
.....it's possible that the bank, a probate court, or even the NC Department of Revenue may care about all three.
@Tom77
They almost certainly will not as it is strictly an election for federal income tax purposes and nothing more; nothing else is affected.
@Tom77 wrote:
Am I correct in assuming that a Schedule C will not be required with our 1040 since the Forms K1 available in Home & Business should account for all profit or loss? In fact, are there other versions used to submit a 1040 that also include Form K1?
You are correct in assuming that a Schedule C will not be required if you file Form 1065 and associated K-1s for the business (partnership); the profit or loss will be reflected on your K-1s.
If you do not need to file a Schedule C, then you can use TurboTax Premier which supports the entry of K-1s. In fact, all desktop versions will support K-1 entry since those versions contain all of the forms.
