TurboTax AnswerXchange Home Page

Partnership income

I started a partnership this year. We received various forms of payment: Paypal, Cash, Consignment Checks. How do I report this income in the Turbo Tax software. I did not receive any 1099 forms.

Also, there is no where that I can see in the software that lets you select your business as a partnership. Should I only claim half of my deductions?

    You need to file a separate 1065 Partnership return.  Then you will get a schedule K-1 to enter into your personal 1040 return.

    Turbo Tax Business is a separate program from Home & Business.  It is not available to do online or on a Mac.  
    You can buy it here…..

    • Ok I will look into that, thanks. Can I still fill out my personal taxes online with Turbo Tax after? Like enter it in as separate income?
    • Yes.
    • Ok thank you very much!
    Contribute an answer

    People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

    1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
    2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
    3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
    4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
    5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

    Similar questions other people found helpful: