Amchan13
New Member

How do I report a 3 partner llc buyout of 1 member?

I had a 3 partner LLC with 75%, 20% and 5% ownership. The 20% was bought and paid out $20,000 from the company. New ownership is 95% and 5%. I entered all the percentage information into TurboTax but the K-1 does not show final for the bought out member. Also where do you account for the $20,000 payout?