Initial capital contribution for an LLC

Forum|Forum|4 years ago
February 18, 2022
1 reply
17 views

I started my multimember LLC in 2021. In doing the taxes, I entered the initial profit/loss/capital for each member as 0% & ending capital profit/loss/capital for each member as 50%. [There are 2 of us.]

However, on the actual K1 itself, why does it show up on our K1 as initial profit/loss/capital of 50% when it should be 0%? How can I fix this? I have gone back to the TurboTax section several times where it's asking for initial profit/loss/capital & it's always shown as 0% which doesn't translate to the final K1 form.

Thank you.

TurboTax Business Windows

Anonymous_

Level 15

Do your K-1s look like the screenshot below? Check your Partner Information Worksheet in Forms Mode.

tle0880Author

Level 2

Yes, but shouldn't the initial profit/loss/capital start out with 0 if it's a new LLC?

How do I check the Partner Information Worksheet in Forms mode?

Anonymous_

Level 15

Yes, except a member has to start with a percentage if that member made a contribution to the LLC or the member's share is specified in the articles of organization (or agreement).