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Level 2
posted Jan 28, 2020 7:05:32 PM

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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1 Best answer
Expert Alumni
Jan 28, 2020 7:23:53 PM

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.

1 Replies
Expert Alumni
Jan 28, 2020 7:23:53 PM

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.