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Level 3
posted Jan 28, 2023 7:27:14 AM

Profit/loss 1065

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?

0 1 285
1 Best answer
Level 15
Jan 28, 2023 7:56:56 AM

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

 

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

1 Replies
Level 15
Jan 28, 2023 7:56:56 AM

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

 

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