LLC Change In Ownership

Forum|Forum|6 years ago
March 10, 2020
5 replies
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I have a multi member LLC to invest in real estate. The ownership % of the two member is 50% each which has been the case from the beginning. When I try to start a 2019 return for the business and transfer 2018's information TurboTax is not picking up the partner/member information correctly. It thinks there was a change in ownership even though there wasn't and when I try to add both members it forces me to acknowledge there was a change in ownership before I can proceed. Has anyone else experienced this same problem?

TurboTax Business Windows

Best answer by Anonymous_

@schrau20 wrote:

Any idea what the specific issue is from 2018?

From my understanding, there is more than one, including not having the latest software updates.

However, I would focus on the partner/member information in terms of percentage of ownership, et al. If you cannot seem to resolve this, you should contact Support (link below).

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

Carl11_2

Employee

Just a wild guess here, as I didn't use TTBusiness last year. But check under the Business Info tab >> About Your Business and make sure the radio selection for change in ownership is not selected. Screenshot below.

schrau20Author

It is not selected. Since it's not correctly pulling in the member information from the 2018 return when I try to add more than one member it doesn't let me do so.

Anonymous_

Employee

@schrau20 wrote:

Has anyone else experienced this same problem?

Yes, that has been reported by a number of users.

However, Support has determined that, in virtually all instances, the issue originated with the 2018 returns; users either indicated that a partner left the partnership, the partnership ended, or something similar.

A couple of users reported that they were able to resolve the issue by starting their copies of the 2018 version of TurboTax Business, updating the software, fixing whatever anomaly was causing the issue, and then transferring the 2018 return into the 2019 program.

schrau20Author

Any idea what the specific issue is from 2018? I tried to see if there was a box checked or something but all of the information is correct and I'm still having the same issue with the 2019 return. Thanks

Anonymous_Answer

Employee

@schrau20 wrote:

Any idea what the specific issue is from 2018?

From my understanding, there is more than one, including not having the latest software updates.

However, I would focus on the partner/member information in terms of percentage of ownership, et al. If you cannot seem to resolve this, you should contact Support (link below).

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

Craig Longhurst

I'm frustrated with change of ownership percentages in filing our 1065 as an LLC. Can anyone help?

Critter-3

Contact TurboTax support and speak directly with a TurboTax support agent concerning this situation.

See this TurboTax support FAQ for a contact link and hours of operation -https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number

jaimetrabert

I am also having problems with this. Anyone solved it?

Anonymous_

Employee

@jaimetrabert wrote:

I am also having problems with this. Anyone solved it?

There is no resolution beyond what is mentioned in this thread.

rmclemor

There still appears to be a problem in the 2021 version of TurboTax for business. I am trying to enter an ownership change from 3 partners split evenly to two partners split evenly. The percentage changes are not updating correctly on the K-1 forms and the system doesn't allow me to update the forms to make the percentages on each of K-1 forms accurate. If this is not going to get fixed, then there is no way for me to accurately file my taxes using TurboTax.

Elrmarbt

Having this issue on business 2022. Only had one previous filing in 2021. Same members, still getting the error of "To add a new member, you should acknowledge that there's been a change in ownership." - there hasn't been one. This is very irritating.