topic I have additional LLC cash contributions. How do I adjust my cost basis to show them? in Get your taxes done using TurboTax

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

austinhomer — Sun, 07 Mar 2021 22:22:45 GMT

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

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

Anonymous_ — Sun, 07 Mar 2021 22:44:42 GMT

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).

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

yarrob — Sat, 12 Mar 2022 17:01:36 GMT

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?

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

AliciaP1 — Mon, 14 Mar 2022 02:35:50 GMT

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.