partnership entry into Turbo Tax

[slmiller23]

I have a partnership whoes business is rental property. 

I entered all income and expenses into TT under business, but it has nowhere to indicate partnership percentages or am I doing something wrong.  Do I do a separate return for the partnership? How does each partner (in my case 50/50 of everything profit/loss) get their interest

[rjs]

A partnership has to file it's own Form 1065 partnership tax return, separate from your personal Form 1040 tax return. The partnership return will include a Schedule K-1 for each partner. Each partner has to enter the information from the Schedule K-1 in his or her personal tax return.

You cannot use TurboTax Business to prepare the Form 1065 partnership return. You have to use TurboTax Business (which is not the same as Home & Business). You still need one of the personal editions, such as Home & Business, to prepare your personal Form 1040 tax return.

The filing deadline for partnership returns was March 15, not April 15. Late-filing penalties are high. The sooner you file, the less the penalty will be.