How do I input beginning of the year Capital Account balances?

[Tridad]

I have a small LLC with three members that owns and rents a house. We've had a CPA do our taxes in the past but decided to take it on ourselves this year since it is a pretty simple business. Using TurboTax 2021 for Business, I cannot find anywhere to input the Beginning Capital Account for the partners. In Forms mode, the field is not editable on the K-1 Worksheet or the individual K-1s. In the Step-by-Step mode, I can only input cash or property contributed or distributed, but not beginning balances. 

What am I missing?

[PatriciaV]

Please clarify if the beginning balance on the Schedule K-1 Worksheet (in Forms) is blank or has an entry that you cannot change.

In the Step-by-Step interview, each Partner should be listed under Partner/Member Information. When you edit a partner, continue to the Member Capital page. The first line should be Last Year's Ending Capital Balance, which is the same as this year's beginning balance.

See screenshot below.

[Tridad]

Thanks for the tip, @PatriciaV .

The beginning balance on the Schedule K-1 Worksheet (in Forms) is indeed blank and I cannot input anything.

Unfortunately, the Last Year's Ending Capital Balance line is missing in my instance in the step-by-step interview.

Here's a screenshot:

[PatriciaV]

@Tridad
Check your entries under the Business Info section for About Your Business to confirm you entered an incorporation date before 2021. Same for date of S-election. Since you don't have a box for Last Year's Ending Balance, TurboTax may be using 2021 as the first year your S-Corp was in business.

[Tridad]

@PatriciaV ,

We are an LLC, not an S-Corporation. Our Date Business Began date is before 2021.

[AliciaP1]

You may want to check for updates for your software.

In the main toolbar at the top of the screen within TurboTax Business you can click Online and Check for Updates.  Follow further prompts and see if your beginning balance opens up again.