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Level 3
May 15, 2021
Question

I have a newly formed partnership. I use to use form 1040 however, where on the 1065 do you input w2 and 1099 information>>

  • May 15, 2021
  • 5 replies
  • 19 views
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5 replies

abctax55
Level 15
May 15, 2021

Hi there,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Cheers!

 

HumanKind... Be Both
dkh
Level 15
May 15, 2021

Form 1065 is only for income/expenses for that entity.   You will still need to file Form 1040 - don't forget to include your K1 from the newly formed partnership.

I recommend you seek help from a professional tax preparer.   If you thought a W2 would be reported on Form1065, then you are in over your head.

Just-Lisa-Now-
Intuit Community Champion
May 15, 2021

Wow.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
abctax55
Level 15
May 15, 2021

Yep.... SMH.... ESPECIALLY if this isn't a DIY post.

HumanKind... Be Both
qbteachmt
Level 15
May 15, 2021

Whose tax return are your preparing?

Lat's start with the person who got that W2, and who issued it to them. That person is the Employee of that business. This part doesn't go on a 1065; it reflects an employee position and is not issued to you from your own partnership. Or that was issued in error.

A W-2 is personal employment, which is why it is entered as part of the 1040. It has nothing to do with the rest of what you asked.

Then, tell us about that 1099. 1099-What? From whom and to whom and why?

Don't yell at us; we're volunteers
Level 3
May 15, 2021

Thank you for the information regarding the 1040.  However, the wife of the joint partnership owns a business.  The 1999's are from income she earned from several customers.  I Usually use the schedule

C, to allocate business income and expenses.  Where on the Partnership return the (1065) can you input the 1999's like an import.

Level 15
May 15, 2021

There is no need to enter a 1099.  Just enter the total business income that the Partnership received.

 

Taxes-by-Rocky
Level 7
May 15, 2021

Cramming my W-2 through a 1065.👍👍👍

Getting the withholding back on my 1040.  Priceless!!

The carried interest guys would be jealous.

qbteachmt
Level 15
May 15, 2021

I confirmed this is not the first nor DIY post, as well.

Don't yell at us; we're volunteers