How can I create a K-1 for my business

Last year, our tax preparer created Schedule K-1s for my husband and I. We both jointly own a home business - we are both partners and the only employees of the business. Do we need to create K-1s to show the income from this business? If so, can I create them in the TurboTax Home & Business online version? The help section only shows me where to enter the information on a K-1 I've already received and I can't find the section to create one.

(Asked 02/04/08, Views 288)

Yes, you need to create a K-1 for your partnership - you also need to file a partnership return (Form 1065) in addition to your individual return (Form 1040)

You cannot create your K-1 or file your partnership return using the TurboTax 1040 product. TurboTax does offer a Business version for your 1065 return. Click on the Small Business Taxes tab at www.turbotax.com.

(Posted 02/05/08)