Question

K-1

Forum|Forum|6 years ago
February 8, 2020
1 reply
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Hello

I bought Turbotax Home & Business and am trying to create the return of an LLC in which me and my brother are parteners to create the two K-1's I will need for our individual returns. How do I do that? Software is asking me many questions but nothing related to a partner, etc?

TurboTax Home & Biz Windows

A

Anonymous_

You need TurboTax Business to prepare Form 1065, and associated K-1s, for a multi-member LLC.

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

Note that TurboTax Business is not available online nor is there a Mac version; the software must be installed and run in a Windows environment. Further, TurboTax Business cannot be used to prepare your individual income tax return (e.g., Form 1040).

If this is your first year preparing a return for a multi-member LLC, you might want to seek professional guidance and/or professional tax preparation.