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Anonymous
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1065, Schedule M-2, Line 7 question. Second year as a partnership. Should the accumulated draws (2 years) for both partners show up on Line 7 or just this years draws?

 
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4 Replies

1065, Schedule M-2, Line 7 question. Second year as a partnership. Should the accumulated draws (2 years) for both partners show up on Line 7 or just this years draws?

Line 6a? That figure would be for the current year.

Anonymous
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1065, Schedule M-2, Line 7 question. Second year as a partnership. Should the accumulated draws (2 years) for both partners show up on Line 7 or just this years draws?

It sucked it from QuickBooks into Schedule M-2 Line 7 "Other Decreases" and it is the total for 2 years worth of owners draws for both partners.    

1065, Schedule M-2, Line 7 question. Second year as a partnership. Should the accumulated draws (2 years) for both partners show up on Line 7 or just this years draws?

I am not certain it belongs in that field (or anywhere for that matter).

 

You might be able to get rid of it by doing an override but that might prevent you from e-filing.

Anonymous
Not applicable

1065, Schedule M-2, Line 7 question. Second year as a partnership. Should the accumulated draws (2 years) for both partners show up on Line 7 or just this years draws?

Thanks, I'll probably have to visit a tax professional.

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