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posted Oct 30, 2019 9:03:03 PM

I need to file taxes for a partnership with two 50% owners. Can I use turbotax home & business to submit a T2125 for each partner?

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Moderator
Oct 30, 2019 9:03:04 PM

You can do it easily if the two partners are spouses and they are preparing their returns together. The best way to do this is in Forms mode. Create the T2125 - Statement of Business or Professional Activities for the one spouse, with all the amounts split. Then select Edit>Forms>Copy/Transfer Form and click “Copy” to make a copy of the T2125 onto the other spouse’s return. Then you can just edit the 2nd spouse’s form where necessary. The main thing you will have to edit is the partnership section, because on Spouse A the partner will be Spouse B (50%), and vice versa on the other one.

If the two partners are not spouses, or the spouse are doing their returns separately, you can still add a T2125 for each partner, but you can’t copy and paste. You have to type in all the info for each person.