topic In a business partnership, do i only count half the store revenue on my taxes? in Business & farm

In a business partnership, do i only count half the store revenue on my taxes?

csenter — Mon, 23 Feb 2026 13:23:14 GMT

Re: In a business partnership, do i only count half the store revenue on my taxes?

VolvoGirl — Sat, 04 Feb 2023 19:48:50 GMT

Are you filling out Schedule C? That's wrong. You should be filing a separate Partnership return, either a 1120 or 1065. Then you get a schedule K-1 to enter into your personal return. You might need to get local CPA or tax accountant help to set it up right.

Re: In a business partnership, do i only count half the store revenue on my taxes?

AliciaP1 — Sat, 04 Feb 2023 19:55:43 GMT

If your business qualifies as a partnership, the business is required to file Form 1065, U.S. Return of Partnership Income, and from that, the business will issue you a Schedule K-1. You then enter the information from the K-1 into TurboTax for your personal return by following these steps:

Sign in and open your return by selecting Pick up where you left off under a section.
Search for K-1 and select the Jump to link at the top of the search results.
This will take you to the Schedules K-1 or Q screen.
Answer Yes and follow the prompts.

Re: In a business partnership, do i only count half the store revenue on my taxes?

Carl — Sat, 04 Feb 2023 20:37:06 GMT

You count everything, exactly as shown on the 1065 Form K-1 issued to you by the partnership.