On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital Balance?

[IceRanger2022]

On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital Balance? Any amount entered on Cash Contributed is assumed to be in that tax year.

[Anonymous_]

Have you tried Forms Mode?

That information should have transferred in from your 2020 return.

[IceRanger2022]

This is the first time I am using TurboTax, so I am copying it manually from a paper return.     I can enter it on the form VIA override - is that the best option to overcome this problem?

[RobertB4444]

You should be able to enter it through the Balance Sheet.   No need to override.

Here is some info on entering into the balance sheet.

[Anonymous_]

A figure entered on the Balance Sheet will not propagate to the beginning capital account on the K-1 (Item L).

[IceRanger2022]

I agree - the balance sheet has the total partner contribution, not propagating to the K-1.    TT support says the program is working as designed, but I still cannot enter last year's starting capital account balance, unless I override on the K-1 Section L.    Am I misunderstanding this?     To refresh... I have last year's K-1 starting capital balance for each partner, but cannot enter it in the interview process or on the K-1 Worksheet.    It seems to work if I go into the K-1 Section L and override the entry for beginning capital.    Is this the only way to do this?

[Anonymous_]

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@IceRanger2022 wrote:

It seems to work if I go into the K-1 Section L and override the entry for beginning capital.    Is this the only way to do this?

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As far as I have been able determine, an override is necessary. Fortunately, this particular override does not appear as if it will interfere with e-filing.

[Anonymous_]

By the way, did you transfer last year's 1065 (the 2020 return) into this year's return? 

I would be interested in learning whether the account information transferred and, if so, whether it transferred properly.

[IceRanger2022]

This is the first year I am using TurboTax, so I am manually transferring it from paper return from account last year.    Thank you for your assistance.

[VirtualGreen]

Anyone still experiencing this issue?  Now, it seems that each partner's beginning capital displayed in Sechedule K-1 section L can no longer be entered in forms mode.   

[Anonymous_]

You should be able to enter the beginning capital on the Schedule K-1 Worksheet (this requires an override but does not impact the ability to e-file).

This figure would typically be transferred in from a prior year return.

[VirtualGreen]

Thank you -  I see that you made this same recommendation earlier.  I've attempted this and the current version doesn't allow for the override to occur.  Please let me know if you find out otherwise.  

regards

[Anonymous_ · Accepted solution]

@VirtualGreen 

[VirtualGreen]

@Anonymous_ 

Wonderful!!  Rookie error on my part thinking double-clicking is 'overriding'.  Appreciate your and the community responsiveness.  (yes, i'm an idiot).   

[IceRanger2022]

Just for the record....

I was able to successfully override the amount for starting partner capital in forms mode.     I submitted the forms to the IRS and New York State and both were accepted in early March 2022.