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Returning Member
posted Apr 2, 2020 12:26:59 PM

Using Home and Business version

I am trying to enter a 1065LLC information and it keeps coming out as a Schedule C, what am I doing wrong with the above software?

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2 Replies
Level 4
Apr 2, 2020 12:30:50 PM

If you are a sole owner/partner of an LLC then it will route you to Schedule-C and you have to file it as such but if you have a partner(s), then you need 'Turbo Tax Business' program to file 1065.

Level 15
Apr 2, 2020 12:35:31 PM

Do you need to prepare the 1065 return?  You need Turbo Tax Business.  Turbo Tax Business is a separate program from Home & Business.  It is not available to do online or on a Mac.

You can buy the Window's version here…..

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

 

Or do you need to enter the K-1 you got from the 1065 LLC return?  

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.