I am employed by a company in Teaxs, and I also established a multi member LLC (started it last year and it has two members) in Texas last year. We spend some money on the LLC for advertising, laptop, website, legal fees, etc.... I also used one of my rooms in my house as home office. Which TT package I should use to file both my Bussiness tax return and Personal one?
I understand that I should use TT Business to send 1065 to IRS by March 15th and also generate K-1 for each partner.
Do I need to buy Premier or Home & Business package for my personal return (considering that I will get a K-1 from previous step and I also used my home office for this multi-member LLC)?
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First , does your partnership agreement require you to pay office expenses out of your own pocket?
You can use one of the worksheets in Publication 587 - Business Use of Your Home:
www.irs.gov/pub/irs-pdf/p587.pdf
After you have calculated the expenses for your home office you can go through the Schedule K-1 entry.
To enter the K-1 and the related home office expenses, please follow these steps:
First , does your partnership agreement require you to pay office expenses out of your own pocket?
You can use one of the worksheets in Publication 587 - Business Use of Your Home:
www.irs.gov/pub/irs-pdf/p587.pdf
After you have calculated the expenses for your home office you can go through the Schedule K-1 entry.
To enter the K-1 and the related home office expenses, please follow these steps:
You are correct -- for a business return (Partnership, S-Corporation, Corporation, Estate/Trust) you will need TurboTax Business. You can visit the following link to purchase TurboTax Business for 2017: TurboTax Business
For your personal (1040) return you can use:
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