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J
jc boy
Level 3
April 15, 2022
Question

Guaranteed payment for General partner

  • April 15, 2022
  • 3 replies
  • 7 views

If a LLC had other K-1 with Guaranteed payment, then the figures on Line 14 of K-1 of General partner was doubled.

I called Lacerte tech support and did not get any answers.

 

This topic has been closed for replies.

3 replies

S
StknCPA
Level 5
April 15, 2022

Do you mean the amount is twice what you expect, or that the amount appears twice? There is both a capital versus earning line AND a total line...

J
jc boyAuthor
Level 3
April 15, 2022

Thank you for your reply.

 

the self-employment earning on  K-1 showed double of Line 4c guaranteed payment  plus Line 1, ordinary business income on Line 14.

Called Lacerte with no answer.

 

J
jc boyAuthor
Level 3
April 15, 2022

Also, when 2020 LLC module transfer to 2021, general partner was not marked for all clients.

J
jc boyAuthor
Level 3
April 16, 2022

My client is a LLC A with two LLC B1 & B2 under it.  The guaranteed payments are from those two LLC B-1 & B-2 and then pass thru to this LLC A.

K-1 Line 14 of LLC A was not correct.  I have sent data file to Lacerte calculating challenge.

 

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