- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
As @Mike9241 stated, the distribution is not income to you unless it exceeds your basis in the LLC and then, only the excess distribution is income. If this was the case, your K-1 would reflect the distribution and the excess as a taxable
The distribution paid in January of 2022 is properly reported on your 2021 Schedule K-1 if the LLC calculated and accrued distributions in 2021, even if it was on 12/31/21.
You are not falsely reporting the distribution as it is reported on your 2021 K-1.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 8, 2022
9:26 AM