Home and Business. Can I use to file my Federal Tax with Schedule K-1?

[angelamsylvestre4619]

I have a Partner LLC between myself and my daughter. 

1) can I file both our Federal and NM State returns with this product as we need to submit with Schedule K-1?

2) can I file our Partner LLC with this product as well?

[PatriciaV]

Yes, you can include Schedule K-1 on your personal tax return using TurboTax Online Premium or TurboTax Desktop. State returns can be added to either product. You will need to set up a separate TurboTax Online account for your daughter. If you choose the desktop version, you can e-file up to five separate individual returns.

Because you are reporting an LLC, you will need to use TurboTax Business to prepare a partnership tax return. Unless you have elected to be taxed as an S-Corp (unlikely), the IRS considers all entities formed as LLCs to be partnerships that must file Form 1065. (S-Corps file Form 1120-S, also prepared using TurboTax Business.) If the LLC needs to file in New Mexico, you will need to add that state to your business product.