topic I sold my partnership in oct 2020. I remember years ago you had to file a final return within 30 days. Is there a turbo tax product for this? in Business & farm

I sold my partnership in oct 2020. I remember years ago you had to file a final return within 30 days. Is there a turbo tax product for this?

kleierhomes — Mon, 23 Nov 2020 16:29:37 GMT

Re: I sold my partnership in oct 2020. I remember years ago you had to file a final return within 30 days. Is there a turbo tax product for this?

Anonymous_ — Mon, 23 Nov 2020 17:10:15 GMT

If you need to file a final Form 1065 for the partnership, the TurboTax product is TurboTax Business (and note that you should seek professional guidance for this scenario).

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

TurboTax Business can only be run in a Windows environment; there is no online or Mac version.

As far as timing, Form 1065 must be filed by the 15th day of the 3rd month following the date the partnership tax year ends. The partnership’s tax year ends on the date of termination, which is the date the partnership winds up its affairs.

Form 8594 may also be required to be filed and that form is attached to your income tax return for the year in which the sale occurred.

See https://www.irs.gov/instructions/i8594#idm140044366570528

You should seek professional guidance, and probably professional income tax preparation, for this scenario.

Re: I sold my partnership in oct 2020. I remember years ago you had to file a final return within 30 days. Is there a turbo tax product for this?

Rick19744 — Mon, 23 Nov 2020 19:09:39 GMT

While I agree with @Anonymous_ comments, I am not sure the facts are completely clear yet?

You indicate "I" sold my partnership. What exactly does this mean? Did you sell your interest in a partnership that still continues?

A partnership requires more than one individual, so using the word "I" is confusing in this context and limited facts.

A little clarification would definitely be good to confirm exactly what is going on and provide the best response for your facts.