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September 9, 2022
Question

2021 form 1065 refund of customer deposit

  • September 9, 2022
  • 1 reply
  • 0 views

Finishing up my 2021 1065 2 member llc   

We refunded a client's  $17,500 deposit     where would I enter this 

 

Thanks in advance for any help or guidance 

 

    1 reply

    Carl11_2
    Employee
    September 9, 2022

    When did you refund the money? 2021 or 2022?

     

    dakienAuthor
    September 9, 2022

    2021

    Critter-3
    September 9, 2022

    If you did not include it in the income you have nothing to expense... you just had less income to report.    

     

    If you did add the deposit into income and refunded in 2021 then it goes on line 1B of the form 1065.