My wife is a partner in a buisness how do I file her

Forum|Forum|7 years ago
June 1, 2019
2 replies
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my wife became a partner in a nail salon do i need to file her gain and loss and all the detail ?

TurboTax Self Employed Online

Best answer by rjs

If your wife is a partner, whoever prepares the Form 1065 tax return for the partnership should give your wife a Schedule K-1 showing her share of the partnership's income and expenses. You will enter the information from the Schedule K-1 in your joint tax return, or in your wife's tax return if she is filing separately. Here's how to enter the Schedule K-1 in TurboTax Home & Business.

Click the Personal tab.
Click Personal Income.
Click "I'll choose what I work on" or "Jump to a full list."
On the screen "Your 2016 Income Summary," scroll down to the section "Business Investment and Estate/Trust Income."
Click the Start, Update, or Revisit button for Schedule K-1.
Two screens later it will ask you what type of Schedule K-1 you have. Be sure to click the correct button for the type that you have: Partnerships/LLCs (Form 1065).

R

re2boys

Employee

See <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/2794477">https://ttlc.intuit.com/questions/2794477</a> for a discussion concerning partnerships

rjsAnswer

Employee

If your wife is a partner, whoever prepares the Form 1065 tax return for the partnership should give your wife a Schedule K-1 showing her share of the partnership's income and expenses. You will enter the information from the Schedule K-1 in your joint tax return, or in your wife's tax return if she is filing separately. Here's how to enter the Schedule K-1 in TurboTax Home & Business.

Click the Personal tab.
Click Personal Income.
Click "I'll choose what I work on" or "Jump to a full list."
On the screen "Your 2016 Income Summary," scroll down to the section "Business Investment and Estate/Trust Income."
Click the Start, Update, or Revisit button for Schedule K-1.
Two screens later it will ask you what type of Schedule K-1 you have. Be sure to click the correct button for the type that you have: Partnerships/LLCs (Form 1065).