I am part of a 3 member LLC in Texas. In 2023, the other two members bought me out equally. The partnership will now move from 33.33 x 3 members to 50 x 2 members. I am using Turbo Tax 2023. The LLC itself doesn't have much assets. What the other two members paid me was little more than ($3k) my capital account balance as for 2022. I could not show this as a gain for corporation - as it is my personal capital gain. At the end of 2023, my capital account should be zero and my K1 should show gain of $3k. I am not finding a way to input $3k gain in my K1 as a capital gains. I want to add $3k to the Section L, other increase line item and also show $3k in line 9a of K1.
Is there a over-ride function that I can type in these values into my K1 (not the others)?
How do you suggest I handle this in TT 2023 Business?
Thanks a lot for the input in advance.
