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JimBobJu
Level 2

Will the turbo tax business handle the death of one of a 2 person LLC

Does it have an option to handle that?

and explain how to split the k-1?

I've heard the k-1 is done different due to death of a member

 

 

thanks

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Accepted Solutions
DavidD66
Expert Alumni

Will the turbo tax business handle the death of one of a 2 person LLC

TurboTax Business will allow you to adjust the ownership and profit and loss sharing percentages along with the effective dates.  This isn't something that the program does automatically by entering a date of death for one of the members, you will have to enter the applicable changes withing the program.  But yes, TurboTax Business will handle it.

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1 Reply
DavidD66
Expert Alumni

Will the turbo tax business handle the death of one of a 2 person LLC

TurboTax Business will allow you to adjust the ownership and profit and loss sharing percentages along with the effective dates.  This isn't something that the program does automatically by entering a date of death for one of the members, you will have to enter the applicable changes withing the program.  But yes, TurboTax Business will handle it.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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