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donarwallace
New Member

I was employed, self employed and owned my own business in 2016 - which turbo tax product should I use?

 
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WillK
Level 9

I was employed, self employed and owned my own business in 2016 - which turbo tax product should I use?

Okay, for your partnership return you will need to file a form 1065 which will report all the income and expenses from the partnership, you can use Turbo Tax Business for that. Click here to get that: https://turbotax.intuit.com/small-business-taxes/

Once you file the 1065 it will generate a Schedule K-1 for each partner. The K-1 will get reported on your personal return along with your W-2 and your self employment income. The best version to help guide you through reporting all your different income and expenses is Turbo Tax self-employed. Click here for that: https://turbotax.intuit.com/personal-taxes/online/

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11 Replies
WillK
Level 9

I was employed, self employed and owned my own business in 2016 - which turbo tax product should I use?

Is your income from your self-employment from the company you own?
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donarwallace
New Member

I was employed, self employed and owned my own business in 2016 - which turbo tax product should I use?

1400.00 of it is.  the rest is income from self-employment and from employment
WillK
Level 9

I was employed, self employed and owned my own business in 2016 - which turbo tax product should I use?

Is the company you own a single member LLC?
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donarwallace
New Member

I was employed, self employed and owned my own business in 2016 - which turbo tax product should I use?

general partnership.  have gotten the LLC however it is not yet filed with county or federal government.  The EIC we have been issued is under General Partnership.  Is that the answer you were looking for?  I am confused.....sorry!!!
WillK
Level 9

I was employed, self employed and owned my own business in 2016 - which turbo tax product should I use?

Yes, that helps.
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donarwallace
New Member

I was employed, self employed and owned my own business in 2016 - which turbo tax product should I use?

thank you for that answer - that makes a huge difference!!  I do have one more question, if you don't mind??
WillK
Level 9

I was employed, self employed and owned my own business in 2016 - which turbo tax product should I use?

Sure, fire away!
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donarwallace
New Member

I was employed, self employed and owned my own business in 2016 - which turbo tax product should I use?

I did received 1099 income from my self-employed contractor job.  I then paid contractors who helped me with these jobs out of my personal checking.  This job was not part of my partnership.  Do I need and EIC in order to 1099 misc these 2 contractors I paid from my personal earning??.....or do I 1099 them under my SSN?  In the past I also 1099'd contractors I paid out of my personal account via my SSN.  Not sure how to handle it this year.
WillK
Level 9

I was employed, self employed and owned my own business in 2016 - which turbo tax product should I use?

You would 1099 them under your social security number since your self-employed contractor job is using your social security number as the tax ID number.
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donarwallace
New Member

I was employed, self employed and owned my own business in 2016 - which turbo tax product should I use?

ok - great - that brings clarity to me!!!  Thank you so much.  I want to ensure that we follow all tax laws to the letter and this tax system and the support services are worth it!!!  Excellent job and thank you for your time and expertise.
WillK
Level 9

I was employed, self employed and owned my own business in 2016 - which turbo tax product should I use?

Okay, for your partnership return you will need to file a form 1065 which will report all the income and expenses from the partnership, you can use Turbo Tax Business for that. Click here to get that: https://turbotax.intuit.com/small-business-taxes/

Once you file the 1065 it will generate a Schedule K-1 for each partner. The K-1 will get reported on your personal return along with your W-2 and your self employment income. The best version to help guide you through reporting all your different income and expenses is Turbo Tax self-employed. Click here for that: https://turbotax.intuit.com/personal-taxes/online/

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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