Question

Form 1095 and TurboTax Home and Business?

Forum|Forum|1 year ago
October 13, 2024
3 replies
0 views

I have an accountant generated form 1095 from an LLC that my sister and I set up to manage my mother's house. Is there a way to report this income in TurboTax Home and Business? A search for Form 1095 pointed me to $1,700 for TurboTax Business which seems a bet steep when I only need to enter in one value (along with amending one value on my 2022 taxes). Any help appreciated!

TurboTax Home & Biz Windows

VolvoGirl

Employee

Do you need to do a 1065 partnership return? You can buy Turbo Tax Business separately from the expensive full service version.

You can buy the current Window's Desktop program here for $190

TurboTax® Business Desktop 2023-2024 | Tax Software Download

VolvoGirl

Employee

Do you need to enter the 1065 K-1 or a W2 into your personal return? You should have a schedule K-1 from the accountant. Do you already have the Home & Business version?

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Scroll down to S-corps, Partnerships, and Trusts or 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

rjs

Employee

There is no federal Form 1095. Please check the form number on the form that you received from the accountant.

Form 1095-A, 1095-B, and 1095-C are related to health insurance coverage, not an LLC.

Did you get a Schedule K-1 (Form 1065) from a multi-member LLC that is taxed as a partnership? If so, see VolvoGirl's second post above.

TurboTax Business can be used to create a Form 1065 partnership tax return, along with the associated Schedule K-1. It is not for entering a Schedule K-1 that you received. You enter the Schedule K-1 that you received in your personal Form 1040 tax return in TurboTax Home & Business.