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Husband and I own a general partnership business. Filing through TurboTax but instead of using form 1065 it is filing our business profits/losses on Schedule C

Forum|Forum|3 years ago
March 27, 2023
2 replies
0 views

When I told Turbotax we had a business I told it that it was a partnership however it is using Schedule C (sole proprietorship) instead of From 1065 (for partnership)

TurboTax Self Employed Online

Best answer by Anonymous_

You need TurboTax Business (link below) to prepare and file a 1065 for a partnership.

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

Note that TurboTax Business must be installed and run in a Windows environment; there is no online or Mac version. You also need your personal version of TurboTax to prepare your 1040.

Anonymous_Answer

Employee

You need TurboTax Business (link below) to prepare and file a 1065 for a partnership.

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

Note that TurboTax Business must be installed and run in a Windows environment; there is no online or Mac version. You also need your personal version of TurboTax to prepare your 1040.

Can Business & Home & Business be run on the same computer?

Employee

@Albritton105 wrote:

Can Business & Home & Business be run on the same computer?

Yes. I happen to be running them both on the same computer at the moment.

Employee

Joint venture elected? https://www.irs.gov/businesses/small-businesses-self-employed/election-for-married-couples-unincorporated-businesses

Employee

@ee-ea has a good point; if you both materially participate in the business, you can make the election.

In TurboTax, you will need to each file a separate Schedule C in order to do so (in the program, you prepare the schedules one at a time).