Form 1065 Schedule K-1, Part L (Ptr Cap Acct) - we previously showed book basis on this schedule, but T-Tax does not appear to allow this method? Options???

[jfreylee]

1065 - K-1 Part L: We have formerly used GAAP #s (not tax #s) on this schedule which tied out to 1065 sch L (balance sheet). Turbo Tax doesn't appear to allow this presentation. Override options?

[Mike9241]

this is from IRS instructions for K-1

Item L
The partnership must report your beginning capital account and ending capital account for the year using the tax-basis method, including the amount of capital you contributed to the partnership during the year, your share of the partnership's current year net income or loss as computed for tax purposes, any withdrawals and distributions made to you by the partnership, and any other increases or decreases to your capital account determined in a manner generally consistent with figuring the partner's adjusted tax basis in its partnership interest (without regard to partnership liabilities), taking into account the rules and principles of sections 705, 722, 733, and 742. See the Instructions for Form 1065 for more details.

overrides will prevent e-filing. the tax consequences of not following the directions are unknown. 

By the way tax basis has been the rule since at least 2021