topic Using Home and Business version in Get your taxes done using TurboTax

Using Home and Business version

AlanWarsaw — Thu, 02 Apr 2020 19:26:59 GMT

I am trying to enter a 1065LLC information and it keeps coming out as a Schedule C, what am I doing wrong with the above software?

Re: Using Home and Business version

Scorpion1 — Thu, 02 Apr 2020 19:30:50 GMT

If you are a sole owner/partner of an LLC then it will route you to Schedule-C and you have to file it as such but if you have a partner(s), then you need 'Turbo Tax Business' program to file 1065.

Re: Using Home and Business version

VolvoGirl — Thu, 02 Apr 2020 19:35:31 GMT

Do you need to prepare the 1065 return? You need Turbo Tax Business. Turbo Tax Business is a separate program from Home & Business. It is not available to do online or on a Mac.

You can buy the Window's version here…..

https://turbotax.intuit.com/small-business-taxes

Or do you need to enter the K-1 you got from the 1065 LLC return?

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Then scroll way down 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.