topic LLC Change in ownership shows in TurboTax but not on Printed K1's in Business & farm

LLC Change in ownership shows in TurboTax but not on Printed K1's

attse — Tue, 28 Jan 2025 03:31:09 GMT

I had a change in ownership for an LLC in 2024 (3 of 5 owners are leaving and reducing their ownership to Zero). I selected the members that are no longer member by selecting this is their last year. I updated their profit percentages AFTER to Zero, but when I go to the K1's it is still showing the same ending ownership as the beginning ownership. I am assuming the K1's percentages should change and relfect the new end of year percentages. What am I doing wrong on entering these details?

Re: LLC Change in ownership shows in TurboTax but not on Printed K1's

PatriciaV — Tue, 28 Jan 2025 15:49:51 GMT

You may have missed a step. Please follow these instructions:

Open your return in TurboTax Business.

Go to Business Info >> About Your business and check the box for "Has an Ownership Change."
Continue through the interview to the Member Summary page.
Click Edit next to the name of the leaving partner(s).
Check the box for "This member left the company this year."
Continue through the interview until you can enter the date the partner(s) left.
Adjust "After" percentages to allocate the difference to the remaining partners (must total 100%).
Now go to Forms Mode (Forms icon in header) and open Sch K-1 Wks.
Review the ending percentages for each partner at the top of the right-hand column.
Use the gray scroll bar to move through the partners.
The totals at the bottom must be 100% for beginning and end of year.
Now open Addl K-1 Info worksheet.
Scroll through the partners and check that the leaving partner(s) has/have no entries under Loss and Ownership (can also be zero if box/font isn't red).
Again, the Totals at the bottom must be 100 for each period (before and after the partner(s) left).
Also, confirm that neither form has a red exclamation mark in the forms list on the left.
Use Step-by-Step to return to the main screens.

Schedule B-2 will show all partners who will receive Schedule K-1. This includes the leaving partner(s), who will receive a final K-1.

Re: LLC Change in ownership shows in TurboTax but not on Printed K1's

attse — Tue, 28 Jan 2025 22:50:42 GMT

This is what is shows in the profit percentages

When I go into the form Addt K1 it only shows the 70 to 75 change and nothing for the 1 to 0. There is only one additional K1, it looks like there should be additional ones for the leaving owners. When I go to the individual K1s it does not show the change.

Re: LLC Change in ownership shows in TurboTax but not on Printed K1's

PatriciaV — Wed, 29 Jan 2025 16:16:17 GMT

Be sure to scroll through the partners on Addl K-1 Info. You should see two lines of percentages for the partners who left. Use the QuickZoom under this section to see that partner's Sch K-1.

On Schedule K-1, the Ending Percentage in Section J reflects the percentage immediately before the partner left the company.

Re: LLC Change in ownership shows in TurboTax but not on Printed K1's

attse — Wed, 29 Jan 2025 17:32:11 GMT

I am only seeing one Addl K-1 Info for the partner where it is increasing ownership. The partners that are leaving do not have an Addl K-1 Info.

Re: LLC Change in ownership shows in TurboTax but not on Printed K1's

PatriciaV — Wed, 29 Jan 2025 19:38:32 GMT

There is only one copy of Addl K-1 Info. Use the gray scrollbar to the right side of the form to move between partners.

Re: LLC Change in ownership shows in TurboTax but not on Printed K1's

attse — Wed, 29 Jan 2025 22:49:53 GMT

Scrolling still only shows one member details.

Re: LLC Change in ownership shows in TurboTax but not on Printed K1's

PatriciaV — Thu, 30 Jan 2025 00:10:43 GMT

It would be helpful to have a TurboTax ".tax2024" file to test this issue further.

If you would be willing to send us a “diagnostic” file that has your “numbers” but not your personal information, please follow these instructions:

In TurboTax Desktop, open your return and go to Online in the TurboTax header. (On a Mac computer, choose File >> Share.)

Choose Send Tax File to Agent.
You will see a message explaining what the diagnostic copy is.  Click Send on this screen and wait for the Token number to appear.
Reply to this thread with your Token number (including the dash) and tag (@) the Expert requesting the token from you.
Please include any States that are part of your return - this is VERY important.

We will then be able to see the same experience you are having. If we are able to determine the cause, we'll reply here and provide you with a resolution.