Would Quicken home & business help me with my LLC (general partnership)- Form 1065 & K-1 for partner

Chale
Chale Member, Windows Beta
Would quicken home & business help me with these issues?
I am considering upgrading to home & business version of quicken but I need to use it to help me manage my llc (general partnership), so I need quicken to help me preparing form 1065 and k-1 for partners in addition to schedule E.

Edited - [Readability]

Best Answer

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Answer ✓
    Hi @Chale,

    It really depends on what you expect/want Quicken H&B to do.

    First - what it cannot do.  It cannot prepare any of the forms below:
    • Prepare the Partnership Tax Return (Form 1065)
    • Prepare the Partner's Share of Current Year Income (Form 1065)
    • Prepare Form 1040 Schedule E Supplemental Income and Loss
    Basically, you need a tax preparation program (or more likely programs) to prepare such forms.  Quicken can help you to organize information (financial data) that will ultimately give you some of the data that would be reported on the above forms, but it will not determine or produce all of the information that appears on such forms.  For example, one of the significant (in my view) data points that Quicken will not track/produce is the partner's/shareholders accounting or tax basis information.

    On the plus side, the H&B version does have the rental property module, which will allow you to track and compile reports with appropriate tax related data.

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Answer ✓
    Hi @Chale,

    It really depends on what you expect/want Quicken H&B to do.

    First - what it cannot do.  It cannot prepare any of the forms below:
    • Prepare the Partnership Tax Return (Form 1065)
    • Prepare the Partner's Share of Current Year Income (Form 1065)
    • Prepare Form 1040 Schedule E Supplemental Income and Loss
    Basically, you need a tax preparation program (or more likely programs) to prepare such forms.  Quicken can help you to organize information (financial data) that will ultimately give you some of the data that would be reported on the above forms, but it will not determine or produce all of the information that appears on such forms.  For example, one of the significant (in my view) data points that Quicken will not track/produce is the partner's/shareholders accounting or tax basis information.

    On the plus side, the H&B version does have the rental property module, which will allow you to track and compile reports with appropriate tax related data.

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • Chale
    Chale Member, Windows Beta
    Thanks Frankx, your explanation is very helpful
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