I'm a CPA with over 27 years of experience. Prior to coming to TurboTax I ran my own practice in the Chicago area. I joined TurboTax just prior to moving to the Phoenix area in search of better weather.
The 5498 is a form that shows what you contributed to an IRA. There may be a number of reasons why you are not allowed to make this contribution:
1. You contrib...
If your K1 had business income, there should have been values entered onto the Statement A attached to the K1. If you entered it, there is another step to take....
You will have to file both returns as they have 2 different EIN's. The question regarding the LLC is if it was originally treated as a Partnership filing a 1065...