Buyer's Guide - If you need to file a return for a partnership
TurboTax Business is the right product for you! It contains every form you'll need to prepare Form 1065 and the associated Schedule K-1 forms for your partners. If you keep your partnership books in QuickBooks, TurboTax Business will transfer your QuickBooks income and expenses into the right partnership forms.
If you started or ended a partnership, you must file Form 1065 for the period of the year that your partnership was in existence.
Also, it doesn't matter whether your partnership is a general partnership or a limited partnership (one with partners with limited liability). You still file Form 1065.
TurboTax Business also includes the W-2 / 1099 Reporter, which helps you prepare W-2 and 1099-MISC forms for your employees and contract workers.
Choose TurboTax Business for your small business taxes.
What about your personal income tax return?
You'll need to buy a personal TurboTax program to prepare your own Form 1040 for this year; Form 1040 isn't included in TurboTax Business. As a partner in a partnership, you should use either TurboTax Deluxe or TurboTax Premier. Either product will guide you through entry of your partnership's Schedule K-1 and will also ask you about additional expenses you paid with your own funds rather than partnership funds. You won't want to miss out on taking these additional deductions!
Not sure which to choose? Let's take a look at your personal tax situation to help you decide.
- You can also check our chart to help you compare personal tax products.
- Read Buyer's Guide - Should I use TurboTax Online or Desktop?
Have more than 100 partners in your partnership?
For partnerships with more than 100 partners, consider using our ProSeries Professional Partnership/1065 program. TurboTax Business covers partnerships or LLCs with 100 partners or less.
