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Old 09-14-2015, 03:47 PM
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Regarding Domestic LLC K-1 and the 1040

I am currently doing my K-1 and 1040. My 1065 / K-1 is for a domestic LLC treated as a partnership for taxation purposes. This is a 2-person LLC and our profit/loss/capital sharing is as follows:

Partner A:

Profit: 16%

Loss: 0%

Capital: 16%

Partner B:

Profit: 84%

Loss: 100%

Capital: 84%

We have a ordinary business loss of $10,000.

On the K-1 in line 1 of Part III, the software automatically puts in -$1,600 for Partner A and -$8,400 for Partner B.

Shouldn't the TurboTax software be putting in -$10,000 for Partner B and $0 for Partner A since there is a loss?

My other question was: If it is correct in this case to put -$1,600 for Partner A and -$8,400 for Partner B, what/how should it be transferred to the 1040 in the case with the current profit/loss/capital percentages.

Thank you so much in advance.

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