LLC 1 partner contributed capital. I entered the change of ownership % under member information, but i cant find where to enter the contribution to the capital account.

[jasonmurraywinem]

contributing member is 0% profit/loss until we are profitable, and is 7% ownership.  under change of ownership I get prompts for % entries, but not capital contribution.

[IreneS · Accepted solution]

As the capital contributions are neither income nor expense, these funds will not have any role on most of Form 1065. 

• Aggregated partners' capital accounts will show in Section L, Balance Sheet, and in Section M-2;
• Analysis of Partners' Capital Accounts, with current year contributions on line 2.
• An analysis of each individual partner's capital account appears on Form K-1.

To enter a partner's contributed capital, please follow these steps:

1. Go to Forms Mode by clicking on the Forms icon in the top right of the blue bar.  
2. In the Forms in My Return list on the left, click the Sch K-1 Wks to open it. 
3. In the Partner Information section, using the scroll bar to the right, scroll to the section for the partner who contributed the capital.  
4. Make the necessary entries.
5. To return to the interview, click Step-by-Step at the top right of your screen. 

[Edited | 4/10/2020 |  1:07pm PDT]