@Tom77 wrote:
I am inclined to fill out our own Form 1065, then use Turbotax Home & Business to submit the Forms K1.
I would be willing to bet you will need to use tax software for this purpose; preparing a 1065 and associated K-1s manually can be daunting, even if the return is relatively straightforward.
You should also be aware that you will have to begin keeping track of your basis (and your wife's basis) in the partnership for the purposes of loss limitations and other factors.
See https://www.irs.gov/instructions/i1065sk1#idm140228279135040
Unfortunately, many believe (for some reason) that partnerships are somewhat of a simple concept with little complexity when, in fact, partnership tax law is one of the most complicated areas of the tax code (it is actually the most complicated, right behind mergers and acquisitions).
