If the partnership has assets of at least $1 million or gross receipts of at least $250,000, you are required to complete a balance sheet with the return ( Step 24 below). This amount will pull from the balance sheet (Schedule L) if it's completed. Total Assets - You don't need to make an entry here. When finished, click Exit to be taken to the Heading Information Menu. The signing partner is the partner that is responsible for filing the tax return, and the return cannot be electronically filed without this information.Īlso in this menu you can enter an e-mail address for correspondence from the IRS to the partnership, if desired. Click YES.Įnter the partnership’s name, date business started, and its address, then click OK.Ĭontinue entering information about the partnership, including the signing partner's name, title, and contact phone number. You will be asked about creating a new return. Step 1 – From the Quick Menu of TaxSlayer Pro, select Business, then select Partnership Return.
When applicable enter the Balance Sheet and reconcile Book Income (Loss) to the tax return (Steps 24-27).Enter the information on the Schedules K-1 for the individual partners (Steps 17-23) and.Enter income, deductions, and other items being distributed to the individual partners (Steps 9-16).Enter basic information about the partnership into the return (Steps 1- 8).To assist your preparation you should review the IRS instructions here as they provide line by line details for how to complete the return.Ī partnership return has four basic areas that may need to be completed: Creating a basic tax return for a partnership is done in the Business program of TaxSlayer Pro by following the steps below.
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