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posted Mar 18, 2021 3:03:04 PM

If i have a K1 that was negative for the year do i need to file with my personal taxes and if so what software is needed

Business taxes are already filed so i am just doing my personal do i still need self emplyment software of can i do the online edition

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1 Best answer
Expert Alumni
Mar 18, 2021 3:34:46 PM

Yes, you need to report the K-1 on your personal tax return.  Even you can't take the loss because it's passive, it will carry forward.  You can use either TurboTax Online or TurboTax Desktop.  If you use Online, you will need the Premier version.  You can use any version of the Desktop, but if you want the interview step-by-step for entering a K-1, you should choose Premier.

1 Replies
Expert Alumni
Mar 18, 2021 3:34:46 PM

Yes, you need to report the K-1 on your personal tax return.  Even you can't take the loss because it's passive, it will carry forward.  You can use either TurboTax Online or TurboTax Desktop.  If you use Online, you will need the Premier version.  You can use any version of the Desktop, but if you want the interview step-by-step for entering a K-1, you should choose Premier.