Hi, hope you can help me.
Simple Partnership LLC with 3 partners, each profit % entered and partner entity types are individuals.
I entered 3 numbers: gross sales, cost and profit. Everything works EXCEPT that on each of the 3 K1s, section L "Partners Capital Account Analysis", Current Year Income (Loss) is blank.
I entered profit like I said and the partner % share of profits, why is the number not propogated to the K1? I can't edit the field.
Thank you,
Adam
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@AdamAsks The only difference is you chose LLC as the entity type while the screenshot was from my test return in which I selected partnership as the entity type (i.e. so your screen shows "Member" while my screen shows "Partner").
Enter Forms Mode, open Form 1065 p1-3, scroll down to Schedule B, and check "No" on Line 4 (see screenshot).
@tagteam It was already checked "no" - any other ideas? Thanks.
@tagteam When I click Edit for a partner, I get the "Edit Member Info" screen (This member left the company is checked as this is the final year for the LLC), when I click continue I can't get to the screen you showed. I uncheck that box, and I can. It shows this:
Which looks like this on the K1:
@AdamAsks The only difference is you chose LLC as the entity type while the screenshot was from my test return in which I selected partnership as the entity type (i.e. so your screen shows "Member" while my screen shows "Partner").
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