Hello,
Thank you for the help.
I am using Turbo Tax Business Desktop.
I am working on a 1065.
The partnership has 2 partners. Partner 1 is an individual and Partner 2 is an LLC. Partner 2 is a single member LLC, making it a disregarded entity. Partner 2 is owned by an LLC -- "Parent LLC". Parent LLC is taxed as a partnership.
The Beneficial Owner's information (Parent LLC), should be displayed in Schedule K-1, Part II, E and F. (source: 1065 Instructions, page 33)
Further, the beneficial owner's entity type should be displayed on I1. (source: 1065 Instructions, page 33)
The outcomes I am looking for are:
1. Schedule K-1 Box E displays the Beneficial Owner's (Parent LLC) EIN as an EIN (xx-xxxxxxx), right now it is displaying Parent LLC's EIN as an SSN (xxx-xx-xxxx), and
2. Line I1 "What type of entity is this partner?" should display "Partnership". Right now it displays Disregarded Entity.
Thank you for the help.
Mark
