PatriciaV
Employee Tax Expert

Business & farm

TurboTax Business will complete the Schedules K-1 from the information you enter for the partnership. 

 

You will need to enter information for the partners/members, including their capital balances, which should be an equitable split of the bank balance. You won't actually report the bank balance on the tax return. 

This is a fairly simple LLC return. But if you need individual help, consider signing up for TurboTax Assisted Business, which provides unlimited expert help as you work on your return.

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