Turbo Tax Business has confused me greatly with how to handle my situation. I have a Partnership LLC originally of five (5) members. In the same year, two (2) of those members transferred their memberships to two (2) other people (their adult children), one simply by choice and the other by choice at his death. No distributions were made in the early part of the year before these transfers occurred. Do I enter all nine (9) Partners and create "Final K-1's" for the two (2) Partners who "left" showing Distributions of $0 to them and Ownership Percentages of 0.000? -- or do I omit those two (2) and only create "Initial K-1's" for the four (4) new members, so seven (7) K-1's in total?
I cannot figure out how to make the ownership percentages accurate since TTB wants me to use the "Beginning" percentage as the "Intl/Fnl" percentage even when it is not the "Ending" percentage. This would show the resigning partners as having their original ownership percentages as their Final Percentages, while having the new members show ownership of those same "shares" as it were for their Initial Percentages.
Please, someone, walk me through how to fill out the Schedule K-1 Worksheet.
