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I have an LLC with 3 members. We are trying to figure out…

Customer Question
I have an LLC...

I have an LLC with 3 members. We are trying to figure out the process to complete the K1 and 1065

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

We didn't do this at incorporation time, so we're racing to complete it now and don't know some terms

Submitted: 3 months ago.Category: Tax
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Answered in 9 minutes by:
3/30/2018
Tax Professional: Barbara, Enrolled Agent replied 3 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,394
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

There are tax preparation software packages that you can use to prepare the 1065.

Once the information is entered in the 1065, a K-1 will be generated for each partner. The information on the K-1 is entered on each individual partner's personal tax return.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 3 months ago
Thanks Barbara. We have 3 partners. We made $11,000 from a contract and 1 of our partners received $6000. There are no other employees or transactions. what software would you recommend?
Tax Professional: Barbara, Enrolled Agent replied 3 months ago

TurboTax Business can be used for a partnership return.

It is basically going through and entering the information asked for, and the program will perform all of the calculations for you and generate the K-1s.

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Customer reply replied 3 months ago
thanks. We build software, so we don't have any materials or supplies or anything that's packaged. Would we put that $11K in 1a. Gross receipts and sales?
Tax Professional: Barbara, Enrolled Agent replied 3 months ago

That's right.

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Customer reply replied 3 months ago
ok. And for the 1 time withdrawal by a partner of $6000, where does that get reported?
Tax Professional: Barbara, Enrolled Agent replied 3 months ago

Are you using the software?

It guides you through everything by asking specific questions.

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Customer reply replied 3 months ago
No. Want to see if i can do it first. most of it is straight forward.
Tax Professional: Barbara, Enrolled Agent replied 3 months ago

There's more to it than that. That is why I recommended using tax preparation software.

We are well beyond the scope of your original question.

I will opt out so another expert can assist you with preparation of the 1065.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 3 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,086
Experience: 35 years tax experience, including four years at a Big 4 firm.
Verified
I'mCustomer I see you need a new expert. I can assist, but I think you need specific return prep assistance. I can assist through our Premium Service offering.See my offer and let me know.
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