To enter distributions to partners in TurboTax Business, follow these steps:
- Open your TurboTax Business software.
- Navigate to the Business Info tab at the top left of the screen.
- Select Partner/Member Information.
- Click EDIT next to the partner who made the contributions or received the distributions.
- In the Partner Information section, you’ll find a box labeled Cash Distributions Partner Received.
- Enter the relevant cash distribution amount for that partner.
The M-2 line 1 should be before the 2023 distributions and line 9 of the M-2 should agree with schedule L line 21 at the end of the year. However page 5 of the 1065 is not required to be completed if you answered yes to all 4 items in question 4 on Schedule B. (page 2)
