turbotax icon
turbotax icon
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
turbotax icon
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
turbotax icon
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
turbotax icon
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Yes No
richpatrie
Level 3

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?

posted
‎January 28, 2023 7:27 AM
last updated ‎January 28, 2023 7:27 AM
0
1
86
Reply
Bookmark Icon
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
tagteam
Level 15
Level 15

Profit/loss 1065

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

‎January 28, 2023 7:56 AM
76
Reply
Bookmark Icon
1 Reply
tagteam
Level 15
Level 15

Profit/loss 1065

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

 

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

‎January 28, 2023 7:56 AM
77
Reply
Bookmark Icon

Still have questions?

Make a post
Featured forums
Taxes
Lower Debt
Investing
Self-Employed
All topics
Live Full Service: Taxes Done for you! Get matched with a local tax expert who can do your taxes, start-to-finish, the same day. Start for free!
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

cabg
Tax_Lego
pambennett
jd2004
StaceyVA

Did the information on this page answer your question?

thumb-up Yes
thumb-down No
close icon
checkmark

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

and start working
on your taxes

File your taxes, your way

Get expert help
or do it yourself.

Get started
close icon
icon help

Access additional help, including our tax experts

Post your question

to receive guidance
from our tax experts and community.

Connect with an expert

Real experts - to help
or even do your taxes for you.

Get started
Manage cookies