Turbo tax product

[rs999]

Hi,

What TurboTax should I get if I am an employee earning a salary at one business and a domestic partner at another business? Can we file these two taxes together or are they separate?

Would really appreciate your help

Thank you. 

[rjs]

You must file everything together. You have to include all your income on one tax return. You should have gotten a Schedule K-1 from the partnership. If you use TurboTax Online you will need Premier or higher in order to enter your Schedule K-1, or you can use any version of the CD/Download TurboTax software.

If you are responsible for filing the partnership's tax return, it gets more complicated. Post back if that's the case.

[rs999]

Hi,

So I go Turbo tax Deluxe. It doesn't have an option for schedule K-1. My profit/loss earnings from the partnership are different from my salary. So they are two different entities. I am responsible for filing my % share of the partnership if that is what you mean. 

Thank you again. Filing taxes can be so stressful. I really appreciate your help.

[rjs]

Your "% share of the partnership" is what's shown on your Schedule K-1. The partnership has to file its own partnership tax return (Form 1065), in addition to each partner putting his individual share on his personal tax return. Whoever filed the partnership tax return should have given you a Schedule K-1, which you enter in your personal tax return, in addition to your W-2 income.

It sounds like you are using TurboTax Online. If so, you will have to upgrade to Premier in order to enter the Schedule K-1. You can't enter it in Deluxe.