topic How do I complete a K-1 partnership form for the business my wife and I own? in Business & farm https://ttlc.intuit.com/community/business-taxes/discussion/how-do-i-complete-a-k-1-partnership-form-for-the-business-my-wife-and-i-own/01/498122#M19086 Wed, 05 Jun 2019 01:44:56 GMT jimmyc177 2019-06-05T01:44:56Z How do I complete a K-1 partnership form for the business my wife and I own? https://ttlc.intuit.com/community/business-taxes/discussion/how-do-i-complete-a-k-1-partnership-form-for-the-business-my-wife-and-i-own/01/498122#M19086 Wed, 05 Jun 2019 01:44:56 GMT https://ttlc.intuit.com/community/business-taxes/discussion/how-do-i-complete-a-k-1-partnership-form-for-the-business-my-wife-and-i-own/01/498122#M19086 jimmyc177 2019-06-05T01:44:56Z If you own a business where a K-1 needs to be created (a... https://ttlc.intuit.com/community/business-taxes/discussion/if-you-own-a-business-where-a-k-1-needs-to-be-created-a/01/498127#M19087 <P>If you own a business where a K-1 needs to be created (a C Corporation, multimember LLC, SCorp, or partnership), then you will need to file a separate tax return for the business using <B>TurboTax Business</B>.&nbsp; After creating your business tax return, a K-1 form will be generated for you and your wife to use on your personal return.</P><P>YET, if you and your wife's partnership is considered a single member LLC in your state (community property states allow this), then you will not need a K-1 created, but your business income and expense information will be entered directly into your personal return on Schedule C.</P> Wed, 05 Jun 2019 01:44:58 GMT https://ttlc.intuit.com/community/business-taxes/discussion/if-you-own-a-business-where-a-k-1-needs-to-be-created-a/01/498127#M19087 JulieCo 2019-06-05T01:44:58Z
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How do I complete a K-1 partnership form for the business my wife and I own?
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If you own a business where a K-1 needs to be created (a...
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<P>If you own a business where a K-1 needs to be created (a C Corporation, multimember LLC, SCorp, or partnership), then you will need to file a separate tax return for the business using <B>TurboTax Business</B>.&nbsp; After creating your business tax return, a K-1 form will be generated for you and your wife to use on your personal return.</P><P>YET, if you and your wife's partnership is considered a single member LLC in your state (community property states allow this), then you will not need a K-1 created, but your business income and expense information will be entered directly into your personal return on Schedule C.</P>
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