Profit/loss 1065

richpatrie · ‎January 28, 2023

We have an LLC setup as 90/10 ownership with 50/50 profit loss. (TurboTax Business 2022)

Turbotax returns an error saying that the total profit/loss is 140%. I indicated that the percentage of ownership differs from percentage of profit/loss, yet Turbotax still insists it's 140%. Any insight?

Anonymous_ · ‎January 28, 2023

You most likely need to indicate that the LLC makes special allocations.

Business Info tab >> About Your Business >> Makes special allocations

View solution in original post

Anonymous_ · ‎January 28, 2023

You most likely need to indicate that the LLC makes special allocations.

Business Info tab >> About Your Business >> Makes special allocations

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