topic Create schedule K1 in Business & farm

Create schedule K1

Seanz — Wed, 01 Jul 2020 19:10:51 GMT

I bought a home & business turbotax cd but i can't find anywhere to create k1. I have a property under an llc partnership and need to create K1. Here is my two questions:

1- can i use home & business turbotax to create K1? if yes how?

2- I lost money on this property on 2018 and didn't file tax and made some money on 2019. should I issue two k1 for two years or one would be enough?

Re: Create schedule K1

VolvoGirl — Wed, 01 Jul 2020 19:14:22 GMT

Sorry you need the separate Business program to prepare a 1120 or 1065 return. Home & Business is just for personal return with Schedule C for self employment.

The small business program (TT Business) is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return. It is a separate program from the Desktop Home & Business program or the Online Self Employed version.

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: Create schedule K1

Seanz — Wed, 01 Jul 2020 19:29:28 GMT

Thanks . I lost money in 2018 and didn't file taxes but made some money in 2019. should i file two k1 or i can combine both in one k1? I am talking about my investment property under partnership llc

Re: Create schedule K1

AmeliesUncle — Wed, 01 Jul 2020 21:32:00 GMT

Go to a tax professional for the Partnership. Seriously. You already owe thousands of dollars in penalties by not filing the 2018 return in time, and if you haven't filed 2019 yet, you owe hundreds in penalties for that.

Re: Create schedule K1

VolvoGirl — Wed, 01 Jul 2020 21:37:33 GMT

Ditto, you need to see an accountant in person and get caught up. You should always use a professional the first year or two to get the Partnership return setup and done right.