Hi! We have a holding LLC (H) taxed as partnership and it 100% holds several subsidiary LLC, each as single member disregarded that operates as rental property owner in different states than H's state.
When filing 1065 using TurboTax Business version, we typed in H's info as holding LLC, not as rentals because it does not directly own rental houses.
Turbotax is asking us for K-1 from subsidiaries, but we do not have those because they are all disregarded and we never received any. See the quoted help screen from TT.
"A Schedule K-1 is a form used by pass-through entities to pass along any income, loss, credits, deductions and other separately reported items on a Schedule K-1 to an ownership partner (that is an individual or another entity).
Do not confuse the Schedule K-1 received with the one a pass-through entity must prepare for its own partners."
It does not allow us to type in subsidiary's income anywhere else. We basically need to let the system know the linkage between H and its subsidiaries thru EINs and K-1s.
We tried using TT home&business to fill out each subsidiary's income/expense on schedule C but that does not generate K-1 either. That only assumed we the owners directly own those subsidiaries and combined them to 1040. Any help is greatly appreciated!
