You'll need to sign in or create an account to connect with an expert.
You need to go to the Business Info section, then find the Partner Summary screen. On that screen, edit the partner account of the partner who contributed the cash and scroll through that section until you find the screen for Partner Capital. Then enter your contribution in the Cash Partner Contributed to Partnership category.
Can you clarify how the business is taxed (sole proprietor, partnership, S-corp, or C-corp), who provided the cash, and the purpose of the funds (owner investment, loan, gift, or payment for services)?
These details determine how the cash is treated and where it should be reported on the tax return.
The business is a partnership. The cash was provided by the partners to the LLC's checking account to pay for bills, since the LLC was short on cash.
You need to go to the Business Info section, then find the Partner Summary screen. On that screen, edit the partner account of the partner who contributed the cash and scroll through that section until you find the screen for Partner Capital. Then enter your contribution in the Cash Partner Contributed to Partnership category.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
meure1
New Member
ericsbcn
Level 3
giraffe223
New Member
lively_soda
Returning Member
dal16
New Member