Can Turbo Tax prepare the K1 forms for my LLC? I am the manager. I have to prepare and send out the K1 forms.

[Kipmc7]

Thank you

[Critter-3]

If the partnership has expenses and pays them then a return should be filed since the loss on the partnership is deductible to all the partners.  That is one reason alone to file all the prior year returns or at least the 2019 return. 

[Anonymous]

how does the LLC come up with the money to pay its expenses or does it leave them go unpaid.  The reason is that if the $4000+ penalty is not abated, the worst case is that the IRS could place a lien against the LLC assets which would include its bank a/c. so any money going in would be seized by the IRS.  if remaining unpaid te IRS would have first dibs on the collection of the judgement.   meanwhile, interest would be accruing on the unpaid tax lien. 

[Kipmc7]

I had to load the LLC money.