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Can I file a form 1065 tax return through TurboTax?

Forum|Forum|5 years ago
June 13, 2020
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I need to file a Form 1065 for an LLC my wife and I own. Can I do this using TurboTax website?

TurboTax Online

Best answer by Anonymous_

If you and your wife hold your interests in the LLC as community property in a community property state, then you can treat the LLC as a disregarded entity and each of you can file a Schedule C (Form 1040) according to your interests in the LLC. If that is the case, you can use TurboTax Self-Employed through the TurboTax web site (i.e., you can prepare your return online).

See https://www.irs.gov/pub/irs-drop/rp-02-69.pdf

Otherwise, the LLC will have to file a Form 1065 and the TurboTax product that is capable of preparing a 1065 is TurboTax Business (link below). TurboTax Business cannot be used to prepare your individual income tax return so you will need a personal income tax preparation product. Further, TurboTax Business is not available as an online product; it must be installed and run in a Windows environment (there is no Mac version).

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

Note that if you have absolutely no accounting or income tax preparation experience with respect to entities, you might want to seek professional guidance.

A

Anonymous_Answer

If you and your wife hold your interests in the LLC as community property in a community property state, then you can treat the LLC as a disregarded entity and each of you can file a Schedule C (Form 1040) according to your interests in the LLC. If that is the case, you can use TurboTax Self-Employed through the TurboTax web site (i.e., you can prepare your return online).

See https://www.irs.gov/pub/irs-drop/rp-02-69.pdf

Otherwise, the LLC will have to file a Form 1065 and the TurboTax product that is capable of preparing a 1065 is TurboTax Business (link below). TurboTax Business cannot be used to prepare your individual income tax return so you will need a personal income tax preparation product. Further, TurboTax Business is not available as an online product; it must be installed and run in a Windows environment (there is no Mac version).

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

Note that if you have absolutely no accounting or income tax preparation experience with respect to entities, you might want to seek professional guidance.

C

carla21

What is a 'community property state'?

J

JamesG1

Generally, the property, income, and assets owned by a married couple residing in a community property state is jointly owned by the couple, with exceptions for property acquired before the marriage or through a gift or inheritance.

Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin are all community property states.

See TurboTax Help.

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J

JagdishCAgrawal

Yes, you can file completed 1065 as a Business tax return.

I

Irene2805

For a Partnership return (1065) you will need TurboTax Business, which is only available in a CD/Download format. You can visit the following link to purchase the program: TurboTax Business.

TurboTax will take you through an interview to prepare the business return, similar to the personal (1040) products. As part of preparing the 1065 return, TurboTax will prepare K-1 forms for each partner. You will need to enter the information from the K-1 into your personal 1040 return.