Hello
I bought Turbotax Home & Business and am trying to create the return of an LLC in which me and my brother are parteners to create the two K-1's I will need for our individual returns. How do I do that? Software is asking me many questions but nothing related to a partner, etc?
You need TurboTax Business to prepare Form 1065, and associated K-1s, for a multi-member LLC.
See https://turbotax.intuit.com/small-business-taxes/
Note that TurboTax Business is not available online nor is there a Mac version; the software must be installed and run in a Windows environment. Further, TurboTax Business cannot be used to prepare your individual income tax return (e.g., Form 1040).
If this is your first year preparing a return for a multi-member LLC, you might want to seek professional guidance and/or professional tax preparation.
Not the first time I have done these but the first time doing it with Turbotax, will TurboTax Business allow me to create:
form 8825 - Rental Real Estate Income and Expenses of a Partnership?
form 4562 - Depreciation and Amortization?
Thanks in advance
@rsantano Yes, the software supports the forms you mentioned.