We had two withdrawals of members and I see that for some
reason they were not closed out and show up in 2015 how do I
go back and close them out and redo our taxes for 2015
Laurie Frederiksen on
If members withdraw, you need to close out their accounts by entering withdrawals for them. This is how to do that:
On Sat, Feb 20, 2016 at 3:12 PM, Steve Hannemann <steveah10@gmail.com> wrote:
We had two withdrawals of members and I see that for some
reason they were not closed out and show up in 2015 how do I
go back and close them out and redo our taxes for 2015
Steve Hannemann on
Thank you I show that they had full withdrawals entered in
feb of 2015 for 12/31/2014, can these be edited
Laurie Frederiksen on
You cannot edit a withdrawal, but it is fine to delete it and re-enter it correctly. The problem with your situation though is if those withdrawals were entered with a 2014 date on them, they have already been part of your 2014 taxes.
If you change them now, you'll also need to amend your 2014 return and distribute amended 2014 K-1's to your members.
Laurie Frederiksen Invest with your friends! www.bivio.com