I have a question as to how to use Turbo tax if I and my husband are employed and receive W2's and I own a small business that own with my mom, that we normally get a K1's from, but did not this year as our business did not have any sales due to CO-vid. How do I file and can I use the online services.
I have had a tax firm do my business taxes before, but I am wanting to see if I can use turbo tax to file both my business and my personal and if there will be a k-1 from turbo tax to issue to my partner. We have never used this service in the past for either business or personal.
Per the information above, it appears you and your mother are partners and prepare Form 1065 U.S. Return of Partnership Income.
You'll start by preparing Form 1065, U.S. Return of Partnership Income, using TurboTax Business. Generally, a domestic partnership must file Form 1065 by the 15th day of the 3rd month following the date its tax year ended as shown at the top of Form 1065.
TurboTax Business is a Windows-only software program available as a CD or download.
When you complete your Form 1065, TurboTax will generate Schedule K-1's. Click How do I issue a K-1? The K-1 information gets entered on your personal income tax return, Form 1040.
The personal TurboTax products that support K-1's are:
- Online: TurboTax Premier, TurboTax Live Premier, TurboTax Self-Employed , TurboTax Live Self-Employed.
- CD\Download Deluxe, Premier, Home & Business .
Tip: If you're in business for yourself and haven't incorporated or created an LLC, use TurboTax Self-Employed instead.
- Is TurboTax Business right for me?
- re do I enter a K-1 that I received?
- How do I issue a K-1?
- How do I delete a K-1?
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