Hi All, this is my first year doing TurboTax Business (used a CPA last year). I have a 2 member LLC that we started 2021. Can someone clarify the fields on the Member Capital page?
Beginning Member Capital Account
Cash Member Contributed to LLC
Cash Distributions Member Received from LLC
There aren't years included on the form to clarify so it's a little confusing. Thanks ahead of time!
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These fields all relate to 2022 activities. The capital accounts are treated like a rolling balance. So, the Beginning Member Capital Account will be the ending balance (after all transactions) from 2021. Then the Contributions and Distributions should be populated if the member had any related transactions for the category for 2022 only.
Perfect thank you so much and for the quick answer!
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