PatriciaV
Employee Tax Expert

Get your taxes done using TurboTax

The gain/loss percentages under Partner/Member Info in TurboTax Business are used if the members are allocated gains differently from losses. If this doesn't apply to your LLC, you may leave those boxes blank.

 

Yes, you must file a tax return for your LLC since it was in business during the year. A complete tax return includes Schedule K-1 for all members. Realized income (or loss) should be allocated to the members according to your operating agreement and reported on Schedule K-1, even if you had no distributions for the year.

 

Note that any decreases in the value of stocks held and not sold are unrealized losses that are not reported on Schedule K-1.

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