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Cash contribution made to my LLC, where in Turbotax Business to you enter the cash contribution amount?

 
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ThomasM125
Employee Tax Expert

Cash contribution made to my LLC, where in Turbotax Business to you enter the cash contribution amount?

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.

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LaShaunA3
Employee Tax Expert

Cash contribution made to my LLC, where in Turbotax Business to you enter the cash contribution amount?

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.

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Cash contribution made to my LLC, where in Turbotax Business to you enter the cash contribution amount?

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.

ThomasM125
Employee Tax Expert

Cash contribution made to my LLC, where in Turbotax Business to you enter the cash contribution amount?

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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