I'm using Turbo Tax Business to work on my first Tax Return for a 2 member LLC I have a question about the information on the K1s. My partner and I are 50% partners and I filled out the Tax Return accordingly to indicate cash contributions, income/expenses from rentals, resulting in a loss of -8,000 for the year. After the K1 was generated section K (Partner share of liabilities) and Part L (Partner's Capital Account Analysis) were blank.
From my understanding I would fill-out our loan balance and loan ending in Part K in the nonrecourse section and indicate our cash contributions in block L with this net loss below it. Am I missing something?
If this is correct and important to fix does anybody know how I would address this in Turbo Tax Business?
thanks
