topic k1 documents in Education

k1 documents

rgbags — Sat, 14 Mar 2020 22:11:22 GMT

i have turbo tax home and business, can i generate K1 documents for my 3 person LLC

Re: k1 documents

RobertG — Sat, 14 Mar 2020 22:28:38 GMT

No, you cannot generate K-1s in TurboTax Home and Business.

K-1s are generated from Partnership, S-Corp, and Trust returns, which can be created by TurboTax business.

Re: k1 documents

rgbags — Sun, 15 Mar 2020 01:00:31 GMT

thanks

Re: k1 documents

rgbags — Sun, 15 Mar 2020 01:03:39 GMT

I Started a LLC last year with two friends, because the business did not make any money, i just want to file a 0 income, what is the best way to file with the IRS

Re: k1 documents

AnnetteB6 — Sun, 15 Mar 2020 14:42:34 GMT

If your LLC was formed as a partnership, then the IRS will expect a Form 1065 partnership return be filed under the Federal ID that was assigned to your LLC. You are not required to file the partnership return if there was no income received and no expenses to be claimed.

Otherwise, you can use TurboTax Business to create and file the partnership return. This will also generate K-1s for each partner. Then the K-1 will be reported on each partner's personal return for their share of income and expenses.

Here is a link to learn more about TurboTax Business: TurboTax Business

@rgbags