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Not applicable
posted Feb 25, 2021 2:16:12 PM

TurboTax Business adding Guaranteed Payments to Income?

Am I daft or is this really screwy...

 

Multi-member LLC. All expenses entered and recorded correctly. Until I get to guaranteed payments to members for work done. When I enter them into the Deductions section, it's adding them to llc income. I know that it should be adding them to individual member K1s, but it appears to be increasing the net profit of the LLC. 

 

I know this because I deleted the Guaranteed Payments entry and everything is balanced again.

 

I called support yesterday and they couldn't explain it.

 

Am I missing something? 

0 3 571
1 Best answer
Level 15
Feb 26, 2021 7:26:01 AM

I cannot seem to reproduce this error. You might want to contact phone support and/or carefully review each and every entry in your return.

 

Manual entry would most likely work but should be a last resort.

3 Replies
Level 15
Feb 25, 2021 2:53:51 PM

Have you checked your Guaranteed Payments Smart Worksheet on Form 1065 (p1-3) in Forms Mode?

Not applicable
Feb 26, 2021 6:09:28 AM

Yes - it's showing zero. Should I enter it manually?

 

Edit - no...all that did was double it.

Level 15
Feb 26, 2021 7:26:01 AM

I cannot seem to reproduce this error. You might want to contact phone support and/or carefully review each and every entry in your return.

 

Manual entry would most likely work but should be a last resort.