I am not on a windows environment so not able to provide software input support, as TT Business only operates on windows, but here are my follow-up comments:
- The K-1's appear to be correct
- Schedule M-2 line 7 is not correct as this should be the $70,000 since you still have a positive figure on line 8. So not sure how this is getting populated.
- Schedule M-2 line 8 doesn't appear correct. If everything was going as expected, I would expect to see $65,000 on this line. But we know the distribution figure is not correct.
- So if Schedule M-2 line 8 is reflecting $50,000 something is not making sense. The math is not working here, so that tells me your beginning figure on Schedule M-2 column (a) line 1 is not the $85,000.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
