Solved: Calculating basis when converting Single Member LLC to be …
Mar 17, 2025 · I have had a Single Member LLC that I used for consulting purposes for over a decade. The LLC has no assets other than a bank account. I recently landed a large contract and converted …
Error in balance sheet calculation - ttlc.intuit.com
Jan 20, 2025 · Balance sheet issues are difficult to diagnose in this forum. Perhaps if you posted a screenshot of that portion of your balance sheet, we could try to find a solution. Otherwise, we often …
Basis Calculation LLC with new S-Corp Election? - Intuit
Jun 3, 2019 · Would that calculation for me be the the LLC's assets+contributed capital-liabilities mentioned above (with all figures presumably determined end of 2017 right before the S election)? …
What is the formula Turbotax uses to calculate the Effective ... - Intuit
Feb 22, 2023 · Also, if the distributions include net unrealized appreciation in employer's securities, and the option is selected on Form 4972 to include this in the tax calculation, the amount of the net …
Where is the "Tax Computation Worksheet"? - Intuit
Jan 13, 2024 · On line 24 of the Qualified Dividends and Cap Gain Tax worksheet it indicates the tax was calculated on the "Tax Computation Worksheet" Where is the worksheet available for review?
Partner capital calculation on balance sheet for multi-member LLC - Intuit
Mar 15, 2020 · Partner capital calculation on balance sheet for multi-member LLC My husband and I have a 2-member LLC (in Mass.), each with a 50% interest. I'm stuck on preparation of the balance …
IRS 1040 line 16 tax calculation-different calculations from TurboTax ...
Feb 3, 2025 · I have entered the same income values in both 2024 TurboTax Premier and H&R Premium software with the result that line 15 of the 1040 is the same number in both software. …
Depletion Allowance - Intuit
Mar 27, 2024 · A depletion deduction is allowed when a taxpayer has an economic interest in mineral property. there are two ways to compute depletion - you can take the larger one. 1) percentage …
How to calculate section 199A items for box 17, code V?
Mar 5, 2020 · The "STMT" sheet provides amounts for Ordinary Income (Loss), Section 179 Deduction, W-2 Wages, and Unadjusted Basis, but no final number to enter. Can someone help me determine …
On form 1120S Schedule M-2, how is #7: Distributions other ... - Intuit
Oct 6, 2020 · On form 1120S Schedule M-2, how is #7: Distributions other than dividend distributions calculated? Where is the information/ calculation derived from? I experienced this exact situation with …