I have used 2020 TT Business for a LLC/Partnership & have a 1065 complete, with associated K-1s for the partners. I also have standard W2 income, but no other investments. I bought TT SE, but it looks like it will not work. What version of TT do I need?

[Anonymous_]

If you need to prepare a 1065 for the LLC for the 2021 tax year, then you need the 2021 edition of TurboTax Business.

See https://turbotax.intuit.com/small-business-taxes

[VolvoGirl]

What did you buy?  There is no SE version, at least not for Desktop.  There is a Self-Employed version for Online but that doesn't open until December.   Self-Employed is for personal returns that include Schedule C.  

How did you prepare your personal 1040 last year?  You need 2 programs.  Turbo Tax Business to do the 1065 and a personal version.  You can buy Turbo Tax Business here,

https://turbotax.intuit.com/small-business-taxes/ 

Then for your personal return you can wait for Online to open or buy the Desktop program now,   All the Desktop programs have the same forms. You just get more help and guidance in the higher versions. 
https://turbotax.intuit.com/personal-taxes/cd-download/ 

[renneberg]

Thanks for the quick reply.  I have already successfully used TT Business and have the 1065 & K-1s that result & will be sent to the IRS.  Now I need to file my personal taxes, that will use my K-1 & a standard W2 that I have.  I thought that I needed TT Home & Business, but it requires Schedule C inputs that I don’t have.  Which other version of TT do I use that will accept the K-1 with a W2?  I have no investments.

[VolvoGirl]

Oh you need to do a 2020 return?  You can just buy Deluxe.  All the Desktop programs have the same forms. You just get more help and guidance in the higher versions. You can use Home & Business and ignore the Schedule C stuff.

Buy the prior year here,

https://turbotax.intuit.com/personal-taxes/past-years-products/ 

[renneberg]

BTW - I know I’m really late with the 2020 -1065.  Our accountant was sick most of 2020 & passed away in early 2021.  We didn’t realize that the -1065 had substantial penalties & are trying to catch up with the 2020 tax requirements.

[renneberg]

Thanks for your suggestion.  Just to check - 2020 TT Deluxe has a place for K-1 partnership income?  I bought TT Home & Business, but it insists on Schedule C inputs that I don’t have.  (Won’t go forward w/o the inputs.)

[VolvoGirl]

Yes all the Desktop versions handle K-1.  In Home & Business just click on the Personal Tab to the right of Business.   You can skip the Schedule C inputs.   You can jump around and enter things out of order and go back, etc.

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Then scroll way down to Business items

Schedules K-1, Q - Click the Start or Update button

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

Enter each k-1 separately.

[Anonymous_]

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@renneberg wrote:

I bought TT Home & Business, but it insists on Schedule C inputs that I don’t have.  (Won’t go forward w/o the inputs.)

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Answer "No" to the question in the screenshot below in the Business tab. If that does not work for some reason, enter Forms Mode and delete the Schedule C Worksheet and Schedule C.

[Critter-3]

@renneberg 

If this was your first time being late to file the 1065 then you will eventually get a penalty letter and you can request an abatement of the fees.   Just  report back with the information that your preparer was ill and then died and you did not know things were not being filed properly and you are very sorry and you have taken measures to insure this oversight will not happen again ... basically beg for forgiveness. 

[VolvoGirl]

And I made you a screen shot of where to enter the K-1 in Home & Business.  

Click on Personal - Continue

Then pick I'll Choose what to work on

Then click on Personal Income

Then scroll down to Business Investment Estate/Trust Income

[renneberg]

Thank you very much for this suggestion.  It has helped us a lot, as we have been very worried after discovering the level of penalty fees that could be assessed on our very small partnership.