Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Feb 8, 2020 3:26:52 PM

LLC added 3rd member in July - how to show losses in Q1-2 and profit in Q3-4?

We are a 2 person LLC.  WE added a 3rd member July 1, 2019.

During Q1-2 - we had significant losses .

I see where turbo tax asked the date of the ownership change, but I don't see where it asks for profit/losses info for Q1-2 vs Q3-4.

The 2 members for Q1-2 should be able to take the losses shown during that time, because if we only look at year end, it shows a small profit (with the 3 members).

0 1 549
1 Best answer
Level 15
Feb 8, 2020 3:40:13 PM

You should come across the screen in the screenshot below where you can enter percentages prior to and after the change.

 

1 Replies
Level 15
Feb 8, 2020 3:40:13 PM

You should come across the screen in the screenshot below where you can enter percentages prior to and after the change.