Hello,
I started an outdoor decor business (LLC) and made sales online (Etsy) and in person. Our accountant filled out Form 1065 for the US Return of Partnership income and provided the Schedule K-1 for each partner. Where do I enter the business income? It seems in TurboTax Home an Business you can enter it in 2 places. First in the Business Investment and Estate/Trust Income section and Second, in the Business section under Business Income/General Income. Any insight would be helpful.
If your accountant prepared a Form 1065 for your partnership, and that included all of the business's income, you will simply post the K-1 to your personal tax return. No additional entries for business will be necessary.
To post a K-1:
Start at Federal
Ok, thank you. So I don't need to fill in anything under the Business section on Schedule C?
No, Schedule C is for sole proprietorships or single-member LLCs.
If your accountant filed Form 1065 for your business, it was formed as a partnership and all you need to do on your personal return is enter the K-1 generated for that partnership. The information on the K-1 will then transfer to the appropriate forms included in your personal return.