I bought turbotax 2019. I have a 2 partner LLC/partnership. Last year my partner died. I'm trying to figure out how to do the K-1. Lets say he died 5-1-2019. I see the part to put in the change of ownership dates for him before and after that date. so basically before 5-1 I put 50/50, after 5-1 I put down 100% for me, and 0% for him. But I see this notice:
"If 50% or more of the ownership in the partnership's capital and profits is changed within a 12-month period, a final return must be completed. A new (initial) partnership return should be completed, with the updated ownership percentages."
I don't quite understand. I need to file 2 K-1's? if so, how, and how many do we each get?
Also, if you can explain how to do this in turbo tax business 2019, that would be helpful
thanks
The following thread has a recommended answer which, although it deals with a buyout rather than a death, is relevant and contains information you might find useful.
The following thread has a recommended answer which, although it deals with a buyout rather than a death, is relevant and contains information you might find useful.