LLC partnership

Forum|Forum|2 years ago
November 12, 2023
1 reply
0 views

Can TurboTax Home and Business be used with an LLC partnership? Or must it be TurboTax Business? Is Home and Business available on a Mac?

VolvoGirl

Level 15

Sorry if you need to prepare a Partnership return you need Turbo Tax Business. But it is only available for Windows. If you just need to enter a K-1 you got from the Partnership you can use any personal Desktop program.

bmcclain65Author

Level 2

So....I am just trying to determine if I need to purchase BOTH TurboTax Deluxe and TurboTax business? Or, just the Business version. The LLC partnership is new and I have another, regular, non-self-employment job for which I have always used the Deluxe version.

rjs

Level 15

You need both. You need TurboTax Business to prepare the Form 1065 tax return for the partnership. You need one of the personal editions, such as Deluxe or Home & Business to prepare your personal Form 1040 tax return. Home & Business cannot do the partnership, and Business cannot do your personal return.

Home & Business is available for the Mac, but Business is only available for Windows.

The Form 1065 partnership return will include a Schedule K-1 for each partner. You have to enter the information from the Schedule K-1 in your personal Form 1040 tax return.