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New Multi-member LLC with member death
We established a new multi-member LLC on 9/1. A member passed on 10/13. Using TT Business 2020, I've added each member. I checked the small box for the deceased member that "this member left the company" in addition to "this is this member's first year". Doing this allows me to adjust the percentage ownership after 10/13 (the deceased members shares were payable on death) but TT does not allow me to enter the deceased member's initial contributions and therefore my balance sheet is off by this amount later. I cannot manually enter the starting contribution in section L of schedule K-1 for this member. What is the correct way to navigate through TT for this situation??
‎January 15, 2021
9:29 AM