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?
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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.
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?
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