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Level 1
posted Jan 6, 2021 3:09:46 PM

allocation of losses based on capital account balance

I am trying to enter data in TurboTax Business for partners that join an LLC at multiple (10) different times in the year and losses must be allocated by capital account basis. I get errors on the first member saying some allocation isn't correct when I put 0% in share of capital, losses, and profits for the first two calendar periods. Am I doing something wrong?

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Level 12
Jan 6, 2021 3:41:00 PM

Note sure but I wonder if this has anything to do with the beginning of the program where there's something about an ownership change that you need to enter? I think I read that somewhere on here. 

1 Replies
Level 12
Jan 6, 2021 3:41:00 PM

Note sure but I wonder if this has anything to do with the beginning of the program where there's something about an ownership change that you need to enter? I think I read that somewhere on here.