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Get your taxes done using TurboTax
Well I've figured out how to make an entry on the form based on your comment ( one has to choose "override). Thanks for your help. But I feel a bit blind here. Doesn't TT guide one through this transfer of shares?
I got an entry into the member k-1 by an alternative route. I went back through the interview for that member and deselected the box for " this member left the company this year". That allowed me to establish the beginning contribution. I then edited that member again and reselected the box for "this member left the company this year". The capital contribution stayed in section L for that member's K-1.
However, TT still shows the capital contribution at the end of the year for that member's K-1. So I went into forms view and override and entered a negative value on the line for "other increase (or decrease)" for both the deceased member and the receiving member. Is this correct?? I've filed individually with TT for nearly 20 years, but this is my first year with an LLC. please advise.