topic I received a K1 from my Partnership using the Business App and am wondering how to finish my personal taxes with it in Business & farm

I received a K1 from my Partnership using the Business App and am wondering how to finish my personal taxes with it

jf98 — Sat, 11 Jan 2025 22:14:41 GMT

I got my K1 for my partnership and I know I am supposed to enter it on my taxes, but when I looked up where to enter it (I am paying my 2023 taxes) it said to use the Business App if I own a partnership. It linked me to the 2023 Turbotax Business App which I already have, but cannot figure out how to file my personal taxes using the app.

I assume its what I am supposed to use given that it's where turbo tax takes me, but when I open the app it only seems to be able to let me file for a business, not my personal taxes.

Re: I received a K1 from my Partnership using the Business App and am wondering how to finish my personal taxes with it

VolvoGirl — Sat, 11 Jan 2025 22:43:17 GMT

Yes you need to enter the K-1 into your personal return. Which version are you using for your personal return? You need to use Online Premium or any of the Desktop programs to enter a K-1.

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Then scroll way down to S-Corp, Partnerships and Trusts

Schedules K-1 - Click the Start or Update button

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

Re: I received a K1 from my Partnership using the Business App and am wondering how to finish my personal taxes with it

jf98 — Sat, 11 Jan 2025 22:59:05 GMT

I am trying to do my 2023 personal taxes actually.

When I went to the link for my 2023 taxes it wouldn't let me use online it only gave me options to "select turbo tax product" ranging from:

Deluxe, Premier, Home and Business, and Business. I already have business which I have used to file for my partnership. Would I need to purchase another one of these to then file my personal taxes (where it will then prompt me with a place to enter my K-1?). Sorry this is my first year doing it and I know I'm late which makes things more complicated.

Re: I received a K1 from my Partnership using the Business App and am wondering how to finish my personal taxes with it

VolvoGirl — Sat, 11 Jan 2025 23:01:19 GMT

Oh you don't use the Business app to do your personal return. You need to buy another separate program. Either the Online Premium version or buy a Desktop program

You can buy the personal Desktop Download program here or from places like Amazon, Costco etc. You can buy any personal desktop version. All the personal Desktop programs have the same forms.
https://turbotax.intuit.com/personal-taxes/cd-download

Or here is the Online Premium version

https://turbotax.intuit.com/personal-taxes/online/premium/

Re: I received a K1 from my Partnership using the Business App and am wondering how to finish my personal taxes with it

VolvoGirl — Sat, 11 Jan 2025 23:05:32 GMT

Oh I missed it is for 2023. And I was typing my prior answer before I saw your reply.

Yes you can buy any personal version, Basic, Deluxe, Premier or Home&Business. I would buy Deluxe.

Buy prior 3 years Desktop Downloads here,
https://turbotax.intuit.com/personal-taxes/past-years-products