I started my multimember LLC in 2021. In doing the taxes, I entered the initial profit/loss/capital for each member as 0% & ending capital profit/loss/capital for each member as 50%. [There are 2 of us.]
However, on the actual K1 itself, why does it show up on our K1 as initial profit/loss/capital of 50% when it should be 0%? How can I fix this? I have gone back to the TurboTax section several times where it's asking for initial profit/loss/capital & it's always shown as 0% which doesn't translate to the final K1 form.
Thank you.
