Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Not applicable
posted Feb 24, 2021 6:22:45 PM

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?

0 4 1792
4 Replies
Level 15
Feb 24, 2021 6:36:15 PM

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

Not applicable
Feb 24, 2021 9:23:00 PM

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.    

Level 15
Feb 25, 2021 7:26:58 AM

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.

Not applicable
Feb 25, 2021 7:30:48 AM

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