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March 4, 2024
Question

Schedule K-1 (Form 1065) Termination of Partnership

  • March 4, 2024
  • 1 reply
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We terminated/dissolved our partnership in 2023. Our CPA provided a Form 1065 and marked Final Form K-1. We did not sell the business. How do I update Turbo-Tax to reflect that?

1 reply

March 4, 2024

I think you mean that your CPA prepared a final Form 1065, partnership return, for your partnership and you need to know if you need to reflect this on your personal tax return in TurboTax. You will see a screen when you report you schedule K-1 that says Describe the Partnership. On that screen you need to check the This Partnership ended in 2023 box.

 

On the next screen, you will choose the No Entry option if you don't need to report any gain or loss on the dissolution of the business. You may need to consult with your CPA if you need to report a gain or loss on the disposition.   

 

 

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