This is the first year LLC partnership, I used the Turbo Tax Business to create the K1's. The 3 partners contributed $20,000 in cash each to start and the amount is not in Part II Section L of the K1 for the partners under 'Capital contributed during the year. Is there some other variable as to why it is not on the K1? Is this a problem?
I reviewed the Form 1065 Schedule K-1 worksheet and the 'Contribution - Cash' line item has the amount of cash contributed under the 'Capital' and 'Basis' columns for each of the 3 partners. And the Total Cash Contributed at the bottom of the form is the total for all 3 so I'm confused as to why it would not appear on the actual K-1's as "Capital contributed during the year' in Part II Line L