Initial Capital Contribution LLC

since you are using Turbotax Business you apparently do not have a single-member LLC. a SMLLC does not file its own tax return.

so you have one of the following or are totally unaware of the accounting and tax aspects of your business. see a pro to get educated because if you mess up the first year you will have issues every year until corrections are made which can be costly

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this is a simplified summary of the various types of business entities that have to file their own return

1) C-Corp.  form 1120 money you contribute is not income to the corp nor a deduction for you.  withdrawal of money will either be a salary or a dividend.  whether a dividend is taxable depends on whether or not it has accumulated earnings and profits. not the same as retained earnings

2) S-Corp form 1120S money you contribute now or later is not income to the corp nor a deduction for you.  Active owners must take a salary. other withdrawals/distributions (in effect the owners taking out the profits)  are generally not taxable unless they exceed your tax basis. loans made to the S-Corp are also not income to the corp or a deduction for you. however, if the corp has losses that can decrease their tax basis so any repayment can generate income  

3) partnership/multimember LLC form 1165 contributions initial or later are not income to it and not a deduction to the partner/member.  withdrawals reduce tax basis and are generally not taxable unless their tax basis goes negative

4) estate or trust  - unlikely so not discusesed.

as stated above confer with a pro the first year.  you have already gotten bad advice.  I was told the initial capital contribution (made in cash) was not taxable nor did it count as income for the LLC, but all capital contributions after that do. Thanks for the help! For more bad advice ask the person that made the statement in bold