topic Will the turbo tax business handle the death of one of a 2 person LLC in Get your taxes done using TurboTax

Will the turbo tax business handle the death of one of a 2 person LLC

JimBobJu — Wed, 29 Jan 2020 03:05:32 GMT

Does it have an option to handle that?

and explain how to split the k-1?

I've heard the k-1 is done different due to death of a member

thanks

Re: Will the turbo tax business handle the death of one of a 2 person LLC

DavidD66 — Wed, 29 Jan 2020 03:23:53 GMT

TurboTax Business will allow you to adjust the ownership and profit and loss sharing percentages along with the effective dates. This isn't something that the program does automatically by entering a date of death for one of the members, you will have to enter the applicable changes withing the program. But yes, TurboTax Business will handle it.