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posted Dec 16, 2020 9:52:04 AM

How to reflect zeroed capital accounts in final return for LLC after making a final distribution?

Hello -- 

 

I've made a final distribution to LLC members and I'm filing a final return for the LLC. How do I reflect zeroed out capital accounts on their K1s , the federal tax form 1065 and Indiana State tax forms? The LLC has been dissolved a few days a go.

 

Thanks in advance for any help!

 

 

 

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1 Replies
Level 15
Dec 16, 2020 10:24:10 AM

In order to have the capital account information appear on your K-1s in TurboTax Business, you have to check the "Yes" box on "Completion of Schedules L, M-1, M-2, etc Smart Worksheet" of your 1065 (below question 4).