Hi- I recently filed our personal tax returns using TT Home & Business. We also have a LLC (taxed as partnership) that we need to file 1065 and K-1 for. My questions are:
Yes and yes. Turbo tax business can be found by following this business link.
You need to file your partnership return first!!! Your partnership return is due by March 15th.
When you do your partnership return,you will generate a K1 for each partner that goes on the personal return which is due by April 15.
To be clear, if we have a multi-member LLC we would need to purchase Business, complete that return first, then purchase Home & Business to complete our personal return? How does the Home & Business software import Business data?
A Schedule K-1 will be created for each partner using the Business Edition. You enter the Form 1065 Schedule K-1 on your personal tax return using Home & Business.
Yes you have to buy both programs. But the personal version like Home & Business will mot import from the Business program. You will have to enter the K-1 and W2 manually into your personal return. And you can buy any personal program like a lower version like Deluxe. All the Desktop programs have the same forms. You just get more help and guidance in the higher versions.
Turbo Tax Business is a separate program from Home & Business. TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns. Not for self employed independent contractors. Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
You need Turbo Tax Business. It is a separate program from Home & Business. It is not available to do online or on a Mac.
You can buy the Window's version here…..
https://turbotax.intuit.com/small-business-taxes
FYI ... for the personal return you can use ANY of the downloaded programs so just buy Deluxe (Basic if you do not need a state return) to save a few $$.