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February 28, 2025
Question

We are a partner LLC and we made distributions to ourselves, how and where do we classify them?

  • February 28, 2025
  • 1 reply
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    1 reply

    February 28, 2025

    That depends on what form you are filing.  Since your LLC is able to file on a number of different tax forms entering the distributions can be done a bunch of different ways.

     

    I'm going to assume that you are filing form 1065 as a partnership since you mention being a partner LLC.  If that isn't what you're doing come back here with more questions.

     

    After you enter the information about the partnership into TurboTax for business the system will ask you for information about each partner.  Their name, address, social security number, etc.  Once that information has been entered you'll have to enter a starting balance for each partner (if this is your first year then that starting balance is zero) and any amounts contributed by or distributed to each partner.  

     

    Then you'll enter the partnerships income and expenses and you'll be all set.

     

    @ann49 

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