Hi All, this is my first year doing TurboTax Business (used a CPA last year). I have a 2 member LLC that we started 2021. Can someone clarify the fields on the Member Capital page?
Beginning Member Capital Account
- Is this the initial amount of capital put into the LLC when it was started in 2021? Or is this the amount the member has at the beginning of the tax year (2022)?
Cash Member Contributed to LLC
- I'm assuming this is the amount of cash contributed just for 2022 or is it for all time? And if it is for all time is this different from the Beginning Member Capital Account?
Cash Distributions Member Received from LLC
- I'm assuming this is how much cash was distributed for just 2022 and not for the entire life of the LLC?
There aren't years included on the form to clarify so it's a little confusing. Thanks ahead of time!
