I need help with from 1065 I have never done them and this year I have 5 clients that they are partners, I know I need to do a 1065 form and k-1

Forum|Forum|6 years ago
December 7, 2019
18 replies
70 views

I need to know how and what I need to complete a partner return from start to finish as I do not have much knowledge on this. I do appreciate any help. thank you!

ProSeries Professional

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Best answer by IRonMaN

Sometimes when you don’t have the knowledge or experience in an area it is best to refer the client elsewhere. We can’t all be experts in every area so we need to know when we are over our heads. Getting advice on how to do a partnership can’t be done in one or two sentences here. If you wish to still prepare the return you really need to brush up on your accounting skills as well as doing research on how a partnership works and how to to properly prepare a 1065.

IRonMaNAnswer

Level 15

Sometimes when you don’t have the knowledge or experience in an area it is best to refer the client elsewhere. We can’t all be experts in every area so we need to know when we are over our heads. Getting advice on how to do a partnership can’t be done in one or two sentences here. If you wish to still prepare the return you really need to brush up on your accounting skills as well as doing research on how a partnership works and how to to properly prepare a 1065.

Slava Ukraini!

I

Inform me

Level 2

Hello

I've read your post, and I have a pretty good understanding and how LLC works. I have not done so but have reviewed a few cases. My problem is getting around the proseries. Is there a webinar or video in the proseries that would walk through of which box or spyglass to push? Or perhaps, watch me process a return. Any links or recommendations are much appreciated.

qbteachmt

Level 15

@Inform me

"Or perhaps, watch me process a return."

This is a peer user community; it is not Intuit Support or Intuit Customer Service. No one is going to watch you process a return. You can use Intuit's resources and the Web, to learn, though. In addition, keep using the IRS resources. The program is no better than your understanding of tax regulations, for tax return preparation accuracy.

Google this in your web browser:

intuit proseries video tutorials

Don't yell at us; we're volunteers

abctax55

Level 15

"....I have never done them and this year I have 5 clients that they are partners"

Your starting premise is problematic. Consider whether it really is fair for those five partnerships to be your guinea pigs.

Farm this out or find a local mentor; you CAN'T learn this via an on-line forum.

A good place to *start* learning for future years is TheTaxBook - they have some good "line by line" instructions for various entities. That, plus some good CPE this summer specifically on partnerships, might get you up to speed by this time next year...

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