Form 1065 LLC Distributions

flipz — Tue, 10 Mar 2020 04:13:04 GMT

In regards for our LLC, Form 1065 (members are husband and wife. I made up the numbers for my question) :

In year 1 we had earnings in the amount of $5000.00. In Year 2 I wrote a check to myself and my husband for $5000.00 to pay us for the earnings from Year 1.

On Year 2's 1065 return do I record the $5000 as a Cash Distribution to Members in Turbo Tax?

Re: Form 1065 LLC Distributions

Anonymous_ — Tue, 10 Mar 2020 14:41:14 GMT

Yes, since you actually distributed the $5,000.

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Form 1065 LLC Distributions

Re: Form 1065 LLC Distributions