How do I create "split" LLC K-1s for a deceased member and her heir?

Forum|Forum|1 year ago
February 7, 2025
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Mom passed away in October and daughter inherited her interest in an LLC. How do I create within Turbo-Tax Business the 2 K-1s that will cover the two periods of ownership in 2024? Thanks.

TurboTax Business Windows

PatriciaV

Employee

If you need to generate two Schedule K-1s, report a change in ownership, and add the new member. Be careful entering the date when the change occurred. You may need to calculate the income/expenses before the change so you can allocate only that portion to the deceased member.

In the end, you should have one K-1 from the beginning of the year until the change of ownership. The other K-1 will report only the activity after the change.

This is a complex and tedious process, and you may consider upgrading to TurboTax Live Assisted Business. This online service provides step-by-step guidance from a tax expert whenever you need assistance, either over the phone or by screensharing.

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