Good evening! I am working on a tax return for a business owner of 3 different LLC's. One he has 100% ownership of a single member LLC, one he has 33.33% ownership of an LLC with three members that all have equal ownership, and another he has a 15% ownership stake in the company.
I am using Turbotax Home & Business for the return. I can see how to enter the information for one business, but not how to do all 3. I am also a little confused where I should pull the income/expense information from. Should it come from his K-1? Or should I take the overall business income/expenses and just divide them by the appropriate business ownership percentage?
Please advise and thank you so much for your help!
are you being compensated for preparing the return. if so you are probably violating TT license agreement. anyway
your lack of knowledge is going to create a mess for the taxpayer. multiple owner LLC's require that a partnership return be filed unless an S-Corp election has been made. you can't use the software you have to prepare these returns. and they are already late - due 3/15/2020 the fime for late filing is about 200/momth per shareholder or partner.
Hello; no I am not being paid to prepare these returns. Partnership returns have already been submitted, but I do appreciate your concern.