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malonetershala
January 30, 2023
Question

If i share a business with someone and the business is not in my name but rather just a partner , can i still file the business?

  • January 30, 2023
  • 1 reply
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1 reply

DaveF1006
DaveF1006
January 30, 2023

It depends. If you are a partner in a business, you will need to file a business tax return , form 1065 for the partnership.  The tax return will need to be filed in the name of the partnership and then k1's are then issued to both partners to report the share of your income in your own individual tax returns.  

 

You will need a Turbo Tax Business product to file this type of return first and then use the Turbo Tax personal product to report your share of the income individually.

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