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.
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.
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.
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.
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.
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?
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!
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.
@MB107 wrote:
I did an override on the K-1 itself and it worked out fine. I think this is what you were suggesting.
Yes, that will work also.