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October 5, 2020
Question

Can I complete form 1065 in TurboTax Home and Business? This is the only form that I am lacking to file the returns. What do I do now?

  • October 5, 2020
  • 1 reply
  • 0 views
This form was available in Home and Business last year.  Home and Business is the only program I have used for nearly 10 years.  What I really need is to be able to talk with a live person to walk me through the process.

1 reply

VolvoGirl
Employee
October 5, 2020

Home & Business has never been able to prepare the 1065.  Only enter the K-1 you get from the 1065 return.

 

To prepare the 1065 you need Turbo Tax Business.

The small business program (TT Business) is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return.   It  is a separate program from the Desktop Home & Business program or the Online Self Employed version.

 

Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's version here.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.

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

VolvoGirl
Employee
October 5, 2020

Sounds like you need to enter the K-1?

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.