Where can I enter partner distribution (Form 1065, Schedule M-2, line 6) in the wizard mode on TurboTax Business?

Forum|Forum|7 years ago
June 4, 2019
1 reply
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I am a 30% partner of an LLC. We made distribution of 2017 profit on 12/31/2017, so those distribution shows on my book Balance Sheet. I think i need to properly enter it onto tax software so tax BS can reconcile with my book BS.

TurboTax Free Edition Online

PatriciaV

Employee

Yes, you can enter capital balance information (including distributions) under Business Info >> Partner/Member Information.

Edit each partner and follow the prompts to the page "Member Capital." Cash and property distributions are entered in the last two boxes (see screenshot below - click to enlarge).

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wacowoodworks

When I go to Business Info >> Partner/Member Information and edit the partners, I do not get the "Member Captial" page. Why is this? I cannot figure out how to enter the partner contributions and distributions for the year. I am using the 2018 version.

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numberoneplanners

Did you ever find where to enter the partnership distributions? I'm looking at the 2019 version and when walking through the partner information, it does not give the option to enter distributions for one of our partners.