I have been using Home and Business Turbotax until this year. This year I changed my single-member LLC to Partnership. How do I combine data and apply losses to personal returns?
You file a separate 1065 Partnership Business return. You will get a K-1 and or a W2 to enter into your personal tax return.
Turbo Tax Business is a separate program from Home & Business. TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns. Not for self employed independent contractors. Turbo Tax Business is not available to do online or on a Mac. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
You can buy the Window's version here…..
Here are the system requirements to install Turbo Tax for Windows…..
There is no way to import data from the user versions of TurboTax, to the business version, and vice versa. A multi-member LLC/Partnership will issue each member/partner a K-1, which will be needed by each before they can complete their personal 1040 tax returns.
Take note also that business returns (1065, 1120, 1120-S) are due March 15th, and the late filing penalties can be rather steep. For example, on a 1065 return the late filing penalty for 2022 is $205 per month, per member/partner. So file it one day late and you're looking at a minimum late filing penalty of $410. Of course, just as with personal returns, you can always request an extension with a business return too. Just be aware that the extension for a business return is until Sept 15th unless the IRS specifically says otherwise; such as a natural disaster or something of the such.
Thank you for the response. I have both Home & Business and Business software. Where in the individual return should I insert losses from K-1?
When you prepare your personal tax return, there is a separate page for K-1 statements. (Look on the main page under Income, for "other common types of income.")
Remember you must prepare the 1065 and the K-1s first, then each owner adds the K-1 to their personal tax return. If you no longer have a schedule C business, you can use Turbotax Deluxe or Premier to enter the K-1, you don't need to pay the higher cost of the Home & Business version.
Also note that if you changed your business from a sole proprietorship or single member LLC to a multi-member LLC, your business needs to apply for a new EIN.
To enter a K-1 go to
Federal Taxes Tab or Personal (Home & Business version)
Wages and Income
Scroll down to S-corps, Partnerships, and Trusts or to Business items
Schedules K-1, Q - Click the Start or Update button
Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S
Enter each k-1 separately.
A point of clarification for the poster and others:
It was stated "You will get a K-1 and or a W2 to enter into your personal tax return."
Partners in a partnership do not receive W-2's. All renumeration paid to partners is reported on the K-1 as a guaranteed payment.
Also keep in mind the date of replies, as tax law changes.
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