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TurboTax Business adding Guaranteed Payments to Income?
Am I daft or is this really screwy...
Multi-member LLC. All expenses entered and recorded correctly. Until I get to guaranteed payments to members for work done. When I enter them into the Deductions section, it's adding them to llc income. I know that it should be adding them to individual member K1s, but it appears to be increasing the net profit of the LLC.
I know this because I deleted the Guaranteed Payments entry and everything is balanced again.
I called support yesterday and they couldn't explain it.
Am I missing something?
‎February 25, 2021
2:16 PM