1065 Partnership Distributions

[TexasTaxQ]

I have turbo tax business and we are in the process of shutting down our  LLC. We are still selling assets in 2020 but all debts were paid and the final cash balance was distributed to all members in 2019. I was wondering if there is a line to report the distributions to the members. Do you only need to report those distributions in the membership summary section? 

[brasstax10]

yeah, there's a line for distros in the partner capital accounts section for each partner.

[DianeC958]

You record the amount of the distributions on page 4 of the business tax return.  The easiest way to find the section is switch to the forms mode and there is a worksheet labeled Distributions of Cash and Property Options Smart Worksheet.

Here you enter all of the distributions paid to the partners.