Received my first-ever Form 1065 (partnerships); now TurboTax Premier says I'm using the wrong product

[dolphin]

I am using TurboTax Premier.  I was almost ready to file my taxes for 2022 when I received a Form 1065 (Partnerships) today from one of the energy companies I began investing in last year.  This caught me by surprise because none of my other stocks have sent me this form before.  I own a very small amount of stock in the company, and the form shows a loss of $2.

When I went to enter this form into TurboTax, it told me that I must use TurboTax Business to file this form.   I have already purchased TurboTax Premier.  It seems excessive for me to buy a whole extra product for over $100 just to report a loss of $2 on one stock.  (I wouldn't even get any money from that purchase back as deduction because I'm too far away from exceeding the standard deduction.)  I am also concerned that I have made so much progress on my taxes and I might have to redo everything if I switch from one TurboTax product to another.

What's the best way for me to proceed and get my taxes done?

[hbl3973]

According to what VolvoGirl said in

https://ttlc.intuit.com/community/business-taxes/discussion/how-to-report-income-from-form-1065-sche... 

you need at least TurboTax Home and Business to stay within the TT Family and enter that K-1 directly.

However, you are welcome to read the line-by-line instructions in Schedule K-1(1065) Instructions which tell you where in your personal income tax forms to report the various line items and then add the $2 manually in the appropriate place.  (I've done similar with stock options using Deluxe rather than upgrading to Premier just for that one item.)  

[AliciaP1]

You can enter your Form 1065 Schedule K-1 in TurboTax Premier for tax-year 2022.  It depends if you are using TurboTax Online or CD/Download.

You can get to the section to enter a Partnership K-1 in TurboTax Online by following these steps:

1. Sign in to your TurboTax
2. Open or continue  your return
   • Choose a section from the TurboTax menu and select Pick up where you left off
3. Using the search bar, type K-1 and select the Jump to link from the search results
   • Note: If the Jump to link doesn’t work, select the Federal tab, then under S-corps, Partnerships, and Trusts, select Wages & Income
   • Select Revisit or Start next to Schedule K-1
4. Answer Yes to Do you want to review Schedules K-1 or Q? and follow the prompts
   • Note: You may be prompted to upgrade to Premier, if you're not already using it
5. This will take you to the Schedules K-1 or Q screen
6. We’ll ask some questions about your K-1, and then you’ll enter the data from the form

To enter in TurboTax CD/Download:

1. Sign in to your TurboTax
2. Open or continue  your return
3. Using the search bar, type K-1 and select the Jump to link in the search results
4. This will take you to the Schedule K-1 and Schedule Q screen
   • Note: If the Jump to link doesn’t work, select Personal, then Personal Income
5. Select I’ll choose what I work on and continue until you reach the screen, Your 2022 Income Summary
6. Select Start next to Schedule K-1 under Business Investment and Estate/Trust Income
7. Answer Yes and follow the prompts
8. We’ll ask some questions about your K-1, and then you’ll enter the data from the form

@dolphin 

@hbl3973 

[Opus 17]

If you are the responsible person for a partnership and you need to prepare a 1065, you need Turbotax Business.  When a partnership prepares a 1065, as part of that tax return they issue a K-1 to each partner.

However, if you are one of the partners and you receive a K-1 statement, you can enter that as personal income on your personal form 1040 along with any other income, deductions and credits, using Turbotax Premier or higher online, or Deluxe or higher when installed on your own Mac or PC. 

[Opus 17]

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@hbl3973 wrote:

According to what VolvoGirl said in

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To enter income from a K-1 on their personal form 1040, a taxpayer needs to be using Premier or higher online or Deluxe or higher on the desktop.

This taxpayer seems to be confused, they don't need to prepare a 1065, they need to enter the income from a K-1 that is connected to a 1065.