Form 1065

[Bjorn]

Is the owners SEP payment treated as a Guarantee Payment on the front of 1065 or is it sneaked right onto K1 somewhere?

The LLC member put in twenty grand into his LLC. Should this be listed as a short term loan and then pay it back in 2007 or treat it as Cash invested on the m2 and increase the capital account or something else.

The LLC also paid his 2006 federal tax estimates and they were loaded in the Quickbooks as an Equity account so they are NOT hitting the P&L. Should these be put in as a guaranteed payment or a distribution of cash or just ignored. Again they were not taken as a tax deduction.

Mahalo.

[ChEAr$]

How many?

owners are there? And why do I get the impression there's only one?
(If so, it's schedule c you know)

As for the SEP, assuming it IS a multi member LLC and the 1065 is correct,
remember that the SEP has to be established BY the LLC.

[sea-tax]

>>The LLC member put in twenty grand into his LLC. Should this be listed as a short term loan and then pay it back in 2007 or treat it as Cash invested on the m2 and increase the capital account or something else.<<

What was his intentions? I mean if it is a capital contribution then treat it as so . If it is a loan than treat it as that.


>The LLC also paid his 2006 federal tax estimates and they were loaded in the Quickbooks as an Equity account so they are NOT hitting the P&L. Should these be put in as a guaranteed payment or a distribution of cash or just ignored. Again they were not taken as a tax deduction.<<

If I understand you correctly I think they are considered a distribution of cash or memeber draw.

[Bjorn]

Sep

Where does the SEP in the name of the multimember LLC get posted? Directly to the K1 and it never hits the front of the 1065 and then it get pulled down as an adjustment at the 1040 level.

Thanks in advance and sorry I did not provide the clarity needed.

Mahalo.