I have additional LLC cash contributions. How do I adjust my cost basis to show them?

Forum|Forum|5 years ago
March 7, 2021
3 replies
15 views

TurboTax Business Windows

Anonymous_

Level 15

Are you trying to enter the contributions?

Click the Business Info tab, click Partner/Member Information, and then click the edit button to the right of the partner(s) who made the contribution(s).

yarrob

Level 2

Turbo Tax for Business on my 2020 return carried over the capital/cash from the previous year - 2019. The form showed last year's ending capital balance and allows me to specify contributions.

When I specify this information on my 2021 return, the form does not carry over the cumulative cash contributions. What value should I enter in the Cash for 2021 - the cumulative or just the value for 2021?

AliciaP1

Level 13

You should enter your 2021 cash contributions on your 2021 return. The 202 contributions would have been rolled into basis/equity when the return rolled over in the process of loading 2020 into 2021.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"