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February 13, 2025
Question

simple question…. I was part of a three person LLC that was for a rental house in 2024. the llc was closed in 2024. Which Turbotax do i use… premier, deluxe, business…...

  • February 13, 2025
  • 1 reply
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simple question…. I was part of a three person LLC that was for a rental house in 2024. the llc was closed in 2024. Which Turbotax do i use… premier, deluxe, business…...

    1 reply

    PatriciaV
    PatriciaV
    Employee
    February 13, 2025

    The LLC will need to file a Form 1065 business tax return. From that return, you will receive Schedule K-1 that reports any activity that was allocated to you. The business return can be prepared using TurboTax Business.

     

    If you use TurboTax Online for your personal Form 1040 return, you can report your Schedule K-1 using the Premium version. Any version of TurboTax for Desktop will accept K-1 information, although the Premier and Home & Business versions have expanded interviews and specific On Demand Guidance in the program that you may find helpful.

     

    Additional information: Where do I enter a Schedule K-1 that I received?

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