How do I categorize my capital contributions from QBO to Turbotax Business?

[floredevelopment]

How do I categorize the contributions for the multi-member LLC? In this case, the members have needed to send money to be used to pay expenses to get our business going. No income yet, just expenses from the money that we have contributed. Turbotax Business (Windows) sees those line items but is asking me "Tell us what these are for."

Thanks!

[Anonymous_]

It is a bit unclear what you are asking. If a member contributed capital, you would enter that figure in the Partner/Member tab (Business Info) as cash contributed (which would be entered for each member who contributed cash).

[floredevelopment]

Sorry--I am trying to file taxes. Turbotax Business is seeing the total of contributions throughout the year, and asking me "What is this for" and giving me a list of 50+ items to identify what it is, and nothing seems to really match.

[Anonymous_]

What type of "items"? 

It is still unclear exactly what the program is "seeing". You might want to contact Support for troubleshooting.

How do I contact TurboTax? (intuit.com)

[AliciaP1]

If you can clarify the header/title of the page you are seeing the statement "Tell us what these are for" and if you can see that the contributions for each member are entered as cash contributions in the Partner/Member Information for each member, I may be able to provide more guidance.  You can post a screenshot here of the page but be sure to eliminate any personal identification information.

@floredevelopment

[Anonymous_]

@floredevelopment 

Below is a screenshot of the start page for the 1065 module of TurboTax Business, Tell me what section (tabs) in which you are working.

[floredevelopment]

[Anonymous_]

@floredevelopment 

Now I understand; those entries are all QuickBooks imports. However, I cannot see what categories are available in the dropdowns. If you could expand one of them that would be helpful.

Otherwise, most of those (what appear to be) partner capital contributions should be entered in the partners' capital accounts as such.

[floredevelopment]

These are indeed capital contributions, Like I was saying in the original post. I just don't know what to select in this drop down.

There's probably 200+ options in the drop down, and I can't catch them all. Help!

[Anonymous_]

It appears to be cash contributions to the capital accounts (not sure if there is a line in the dropdown for that).

There is, however, a box in the program where you can manually enter that figure for each member/partner.

[floredevelopment]

There is not a dropdown line for that. There is a "Cash" selection, but that's it. 

I already entered each members contributions in the Member Summary Section of the BUSINESS INFO tab. 

I just don't know how to move forward in this application at this "What's this for" step. 

[Anonymous_]

If you already entered the members' contributions, then why bother with the QB import?

Can you somewhat delete that data?

Alternative, you might select Treasury Stock and note what happens because a partnership/LLC obviously does not have stock (i.e., it might go nowhere but would allow you to get past that screen).

[floredevelopment]

Well, I don't know what I don't know. If the application is asking me to complete a task, I'm inclined to do it...I am not aware if entering data in the BUSINESS INFO tab populates into the lines of a tax form. 

I need QuickBooks to import everything from my business because of all of the contributions and expenses that were made by our LLC this past year. I thought that was needed?

I can select an option that says "Do not Import" for those 3 account items you see in the image. Is that what you are suggesting?

[Anonymous_]

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@floredevelopment wrote:

I can select an option that says "Do not Import" for those 3 account items you see in the image. Is that what you are suggesting?

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Yes, you could simply do that and ensure to carefully note if and where data appears (it should not appear anywhere, though).

[floredevelopment]

Thanks a lot--I'll try to let you know how it turns out!