, Answering FAQ'sTurboTax Employee
Form 1065 is an information return used to report the income, gains, losses, deductions, credits, etc., from the operation of a partnership. A partnership does not pay tax on its income but “passes through” any profits or losses to its partners on a Schedule K-1.
If you are a partner in a partnership, the information you need to prepare your individual tax return is on Schedule K-1, not Form 1065. When you use TurboTax to prepare your taxes, we’ll ask you questions about your K-1 and fill in all the right forms for you.
If you've already gone through the interviews and want to jump directly to the entry area for Schedule K-1, follow these steps:
- Select Federal Taxes (the Personal tab in the Home & Business edition).
- Select Wages & Income and click I'll choose what I work on.
- Scroll down the Your Wages & Income screen to the Business Itemsgroup.
- Click Start/Update next to the Schedules K-1, Q topic.
- Follow the prompts.