Now in a partnership, which Turbotax to use

[echangchien]

Hello, I recently switched from being a W-2 employee to a partnership and will be receiving K-1s. It seems Turbotax Business is what I should be using for filing of 2022 taxes. Does this product help calculate what my estimated quarterly tax payments should be in 2022? If my wife is self-employed and also has to make quarterly payments, can this product handle that too?

[VolvoGirl]

Ok.  Do you need to prepare the Partnership return?  Or did you get a Schedule K-1 for it?

You need Turbo Tax Business to prepare the Partnership return.  It will not do a personal return.

You will still need a personal program to do your personal return.  You can  enter a K-1 into online Premier or any Desktop program.

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.

Since your wife has self employment you will need to use the online Self Employed version or any Desktop program.

[echangchien]

I just became partner in a large organization but have not received a K-1 yet. I am talking about a personal return for tax year 2022. All the products I see currently are for tax tear 2021, I’m looking for a product going forward that will assist me and my wife in making quarterly tax payments beginning this April and then a year-end return encompassing our investments, etc. Is there a single product you can recommend?