My wife and I planned to change the ownership percentage when filing our 2021 return. We live in SC, which is NOT a community property state and does NOT require us to file an Operating Agreement.
When I got to the change of ownership section in TT Business, I just happened to click on "Explain This" before entering the new percentages. I believe this is saying we need to file one return with the current percentages as they were last year and then file another return with the new percentages.
We made this decision in 2020 and we considered it effective Jan. 1, 2021. Can someone please help me understand why (or if) we need to file two returns.
