Skip to main content
March 19, 2023
Question

schedule 1065 and K1 completion

  • March 19, 2023
  • 1 reply
  • 0 views

Using TT home and business and entered all rental income and expenses for my rental propoeries then completed the 1065 forms for the LLC i formed for these propoerties.

The system now duplicatde my net rental income and not sure if 1065 and K1 are even correct

pls help

 

    1 reply

    March 19, 2023

    you may misunderstand. home & business is for your 1040 only. if the LLC owning the rentals is a partnership you do not report the activity directly on your 1040 schedule E. a partnership return needs Turbotax business windows PC only. unless you extended it the return was due 4 days ago 3/15/2023. it's only the k-1 that gets entered on your 1040