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In a business partnership, do i only count half the store revenue on my taxes?
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If your business qualifies as a partnership, the business is required to file Form 1065, U.S. Return of Partnership Income, and from that, the business will issue you a Schedule K-1. You then enter the information from the K-1 into TurboTax for your personal return by following these steps:
- Sign in and open your return by selecting Pick up where you left off under a section.
- Search for K-1 and select the Jump to link at the top of the search results.
- This will take you to the Schedules K-1 or Q screen.
- Answer Yes and follow the prompts.
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