Solved: In 2016 I became a partner in a business that is set as a LLC. Which tax product do I need to use? Will my previous tax info from TT carry over?
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vwammodog
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In 2016 I became a partner in a business that is set as a LLC. Which tax product do I need to use? Will my previous tax info from TT carry over?

 
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MichaelDC
New Member

In 2016 I became a partner in a business that is set as a LLC. Which tax product do I need to use? Will my previous tax info from TT carry over?

No. Unfortunately, previous tax returns from individuals won't transfer.  Corporations and partnerships are different entities from individuals and can't be filed on any of the TurboTax 1040 editions. Single Member LLCs, however, can be filed with TurboTax Self-Employed.

To file a return for a corporation (Form 1120), S corporation (Form 1120-S), partnership/multi-member LLC (Form 1065), or homeowner association (1120-H), you'll need TurboTax Business.

TurboTax Business is a Windows-only software program available as a CD or download. If the partnership that you joined has used TurboTax Business in the past, the info transfers from previous years similar to any of the TurboTax for individuals.

Note: You will still need to file your individual return with the profit or loss from the partnership reported to you on Schedule K-1.

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MichaelDC
New Member

In 2016 I became a partner in a business that is set as a LLC. Which tax product do I need to use? Will my previous tax info from TT carry over?

No. Unfortunately, previous tax returns from individuals won't transfer.  Corporations and partnerships are different entities from individuals and can't be filed on any of the TurboTax 1040 editions. Single Member LLCs, however, can be filed with TurboTax Self-Employed.

To file a return for a corporation (Form 1120), S corporation (Form 1120-S), partnership/multi-member LLC (Form 1065), or homeowner association (1120-H), you'll need TurboTax Business.

TurboTax Business is a Windows-only software program available as a CD or download. If the partnership that you joined has used TurboTax Business in the past, the info transfers from previous years similar to any of the TurboTax for individuals.

Note: You will still need to file your individual return with the profit or loss from the partnership reported to you on Schedule K-1.

View solution in original post

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