I'm pulling out my hair and hope this is the right place to get a bit of help.
I have a multi member LLC formed back in 2012. We pay out all net income throughout the year. We don't have salaries. Whatever net income is, it is paid out via the partner %.
Now that we have to file a balance sheet, which started last year, Partner Capital isn't making sense. I'm sure it is something I've done incorrectly but would like a bit of help.
In 2018, we had $181,814 in net income, all of which was paid out during the year. Our net income for 2019 is $267,944. Turbo Tax is listing "Beginning Partner Capital" as last year's net income of $181,814 and wanting to add 2019's net income to it for an "Ending Partner Capital" of $449,758.
I am trying to reset it to 2019's net income but it is being flagged. Is the system correct or have I done something wrong? If we paid out all of the 2018 net income of $181,814, why is it showing that as "Beginning Partner Capital" and adding it to 2019s net income. Can I fix this?
Thanks so much for any help!
Jeff Haverlack
