Last K-1 for LLC member inhibits access to contributions and distributions for that member

Forum|Forum|4 years ago
February 17, 2022
5 replies
37 views

When going through step by step process if select 'last K-1' for and LLC member, TT simply returns to the list of other members and does not proceed to the screen where can enter contributions and distributions for the year. However, if 'uncheck' the 'last K-1' box can proceed to enter the other data, then go back and check the 'last K-1' box without losing the contribution and distribution data.

TurboTax Business Windows

Best answer by Anonymous_

No errors (red exclamation marks) shown in Federal part of forms view and passes federal review process OK.

There is a totally unrelated error in the state section for Form 1065-V not being finalized. That is the same issue had last year where the final form wasn't available, but couldn't print the rest of the state forms and simply download that form from the IL website. (Have to mail IL form in anyway versus efile.)

@lw15 wrote:

No errors (red exclamation marks) shown in Federal part of forms view and passes federal review process OK.

Excellent.

The IL forms are print only so that makes sense and the 1065-V should be available next week.

Anonymous_

Level 15

Does that appear in Forms Mode on the K-1?

lw15Author

Level 4

If fill in the contribution and distribution information before checking the 'last K-1" box everything (including the last K-1) information appears correctly on the K-1 in forms mode.