How to insert data from Business Partnership to Personal return?

Forum|Forum|2 years ago
August 1, 2023
3 replies
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I have been using Home and Business Turbotax until this year. This year I changed my single-member LLC to Partnership. How do I combine data and apply losses to personal returns?

TurboTax Home & Biz Windows

VolvoGirl

Employee

You file a separate 1065 Partnership Business return. You will get a K-1 and or a W2 to enter into your personal tax return.

Turbo Tax Business is a separate program from Home & Business. TT Business is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns. Not for self employed independent contractors. Turbo Tax Business is not available to do online or on a Mac. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.

You can buy the Window's version here…..

https://turbotax.intuit.com/small-business-taxes

Here are the system requirements to install Turbo Tax for Windows…..

https://ttlc.intuit.com/community/system-requirements/help/minimum-system-requirements-for-turbotax-windows-software/00/26175

nzamarayAuthor

Thank you for the response. I have both Home & Business and Business software. Where in the individual return should I insert losses from K-1?

Opus 17

Employee

@nzamaray wrote:

Thank you for the response. I have both Home & Business and Business software. Where in the individual return should I insert losses from K-1?

When you prepare your personal tax return, there is a separate page for K-1 statements. (Look on the main page under Income, for "other common types of income.")

Remember you must prepare the 1065 and the K-1s first, then each owner adds the K-1 to their personal tax return. If you no longer have a schedule C business, you can use Turbotax Deluxe or Premier to enter the K-1, you don't need to pay the higher cost of the Home & Business version.

Also note that if you changed your business from a sole proprietorship or single member LLC to a multi-member LLC, your business needs to apply for a new EIN.

Carl11_2

Employee

There is no way to import data from the user versions of TurboTax, to the business version, and vice versa. A multi-member LLC/Partnership will issue each member/partner a K-1, which will be needed by each before they can complete their personal 1040 tax returns.

Take note also that business returns (1065, 1120, 1120-S) are due March 15th, and the late filing penalties can be rather steep. For example, on a 1065 return the late filing penalty for 2022 is $205 per month, per member/partner. So file it one day late and you're looking at a minimum late filing penalty of $410. Of course, just as with personal returns, you can always request an extension with a business return too. Just be aware that the extension for a business return is until Sept 15th unless the IRS specifically says otherwise; such as a natural disaster or something of the such.