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Level 1

This is the last year of my partnership in which i am a limited LLC partner. I received the last K-1. What do I choose to enter the information and where do I enter it?

 
5 Replies
Level 20

This is the last year of my partnership in which i am a limited LLC partner. I received the last K-1. What do I choose to enter the information and where do I enter it?

You enter the K-1 *exactly* as you have in the past. There's really nothing special about it. However, that final K-1 you received "MUST" have that "final" box checked on it. Then when you enter it in the program, remember to select that "final K-1" box in the program too.

Level 1

This is the last year of my partnership in which i am a limited LLC partner. I received the last K-1. What do I choose to enter the information and where do I enter it?

Where is the final K-1 box that I can select on the program? Also, when the dialogue start for K-1, I need to describe the partnership and there there is one choice " This partnership ended in 2018", which is true in my case. If I choose this option, then I am required to fill out many details about purchase, sale price, principal payments, etc. But you say I only need to fill out the K-1 as I was doing in prior years. In that case, there is no need to check the "This partnership ended in 2018" box, correct? And my way of notifying TT and IRS that the PSHP ended would be through checking the final K-1 box only, correct?
Level 20

This is the last year of my partnership in which i am a limited LLC partner. I received the last K-1. What do I choose to enter the information and where do I enter it?

The program is prompting you for what it needs. It's nothing "special" as that information has to be reported on "every" final tax return.. Overall though it "sounds" to me like you are completing and filing a final 1065 partnership return which is what will issue the final K-1's to all partners. Since you did not indicate what program you are using, that's only a guess based on your comment of "I received the last K-1". SO what program are you using? TurboTax Business (different from Home & Business) or something else?
Level 1

This is the last year of my partnership in which i am a limited LLC partner. I received the last K-1. What do I choose to enter the information and where do I enter it?

I am not completing any of the 1065 returns, the CPA of the partnership is and have no idea what sw he is using.
I am using the 2018 Home and Business .
I received the final K1 and need to know how to handle it exactly. Do I do what I did last year? where do i tic the box that this is a final K1?
do i state that this partnership was disposed of via a sale and then enter the requested information?
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Level 11

This is the last year of my partnership in which i am a limited LLC partner. I received the last K-1. What do I choose to enter the information and where do I enter it?

The system will know that this is a final return when you indicate "the partnership has ended".

Yes there will be additional questions that need to be addressed as you (TT) will need to determine the overall gain or loss on the disposition of this investment.

You should have been tracking your basis in this investment.

So the system will ask for the sales price - this is your liquidating distribution received (not normal distributions, your liquidating distribution).

The system will ask for your basis - as noted above, you should have been maintaining this all along.  Make sure your basis is not adjusted for any liquidating distribution.

Doubtful the system ask for principal payments unless you indicate you are receiving payments over a period of time.