K1 Partner’s Capital Account Analysis section is empty but should have correct values

[skanthvk]

I am filing taxes for my LLC and generating K-1 forms for all members. I noticed the Partner’s Capital Account Analysis section on the generated K-1 is empty? How do I get Turbo Tax to set the values here?

I have entered the partner information on the Business Info tab, under Partner/Member information. All members have initial capital and some of the members have distributions that should show in Partner’s Capital Account Analysis section of the K-1 form.

[Anonymous_ · Accepted solution]

Enter Forms Mode and open page 1-3 of your 1065.

Scroll down to Schedule B and check the "Yes" box as shown in the s screenshot below.

[MB107]

I updated the completion Schedule L, M1 etc to a yes AND the correct figures are listed (form mode) on Schedule L but the K-1 only lists current year totals. I would expect to see beginning balance, this years' activity and the new ending capital account. Any idea of what else needs to be updated.

[Anonymous_]

Check your K-1 Worksheet in Forms Mode.

[MB107]

I am looking at K-1 in Forms Mode and thought perhaps entering beginning capital balance. That did not change anything. Is there a setting that needs to change on that page? I do not see it. 

[Anonymous_]

You can override that on the worksheet (it should not have any impact on the return), but typically that value is transferred in from a previous year's return.

[MB107]

I did not previously complete a balance sheet (do not need to) but am trying to do it now because other tax preparers want to see the capital analysis. I entered the beginning balance but nothing else and still do not get the calculation on the K-1. Any further thoughts? 

[MB107]

I did an override on the K-1 itself and it worked out fine. I think this is what you were suggesting.

All good!

Thanks for the help!

[Anonymous_]

You are referring to Item L on the K-1, correct?

If you answered the question(s) on Schedule B (and the worksheet) correctly, you should see lines on Item L populate provided the other Schedules (e.g., M-2) have been completed. 

[Anonymous_]

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@MB107 wrote:

I did an override on the K-1 itself and it worked out fine. I think this is what you were suggesting.

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Yes, that will work also.