Does anyone know how we need to file and what form we need to use? Form 1065 needs to be filed or put on extension by 3/15/23.
Will we need to file as a business and also personal taxes? The partership 1065 MUST be filed first because it will produce a K-1 form for each partner to enter on their personal tax return form 1040.
For personal, what version of Turbo Tax would this be?
Corporation or Partnership tax returns can only be created, completed and filed using the TurboTax Business Edition. The Business Edition can only be installed on a Windows base personal computer, not on a Mac or online. The Business Edition cannot complete a personal tax return - https://turbotax.intuit.com/small-business-taxes/
The Corporation or Partnership issues you a Schedule K-1 for your share of the income, deductions, etc. The Schedule K-1 is entered on your personal tax return.
Using the TurboTax online editions you would need either the Premier or Self-Employed editions for entry of the Schedule K-1 - https://turbotax.intuit.com/personal-taxes/online/
Using the TurboTax desktop CD/Download editions, any edition can be used for the Schedule K-1 - https://turbotax.intuit.com/personal-taxes/cd-download/
