topic Can Turbo Tax Home and Business handle multiple K-1s with each partner having different percent ownership in each K-1? in Business & farm

Can Turbo Tax Home and Business handle multiple K-1s with each partner having different percent ownership in each K-1?

Maccarter26 — Wed, 24 Jul 2019 00:54:01 GMT

Re: Can Turbo Tax Home and Business handle multiple K-1s with each partner having different percent ownership in each K-1?

VolvoGirl — Wed, 24 Jul 2019 00:58:19 GMT

Do you need to prepare the business return and K-1? Or are you entering K-1 that you received into your personal return?

Home & Business will not prepare a separate business return. Home & Business Desktop program or the Online Self Employed version is for personal returns that include a schedule C for self employment or sole proprietor. A single owner LLC would be reported on Schedule C unless the LLC elected to be treated as an S corp or C corp.

You might need Turbo Tax Business.

Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.

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

Re: Can Turbo Tax Home and Business handle multiple K-1s with each partner having different percent ownership in each K-1?

Maccarter26 — Wed, 31 Jul 2019 18:28:10 GMT

I am preparing both the Business return and generating K-1 for each member of the partnership. I am using Turbo Tax Busness. Each K-1 I receive has different ownership percentage.

Re: Can Turbo Tax Home and Business handle multiple K-1s with each partner having different percent ownership in each K-1?

Anonymous_ — Wed, 31 Jul 2019 18:42:34 GMT

@Maccarter26 wrote:
I am preparing both the Business return and generating K-1 for each member of the partnership. I am using Turbo Tax Busness. Each K-1 I receive has different ownership percentage.

TurboTax Business can certainly handle the scenario you described, provided you are using TurboTax Business and not Home & Business, which are two entirely separate products (see the link in the post above your most recent post).