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Level 4
posted Apr 18, 2023 5:25:47 PM

TurboTax partnership distribution not updating partner cap table?

I had a distribution to one of 2 partners during the year and I have that in the partnership return. However it isn’t showing as a reduction of partner capital on the K-1 as it should be. Is this a big or did I not do something correctly? Not easy to navigate this software, seems like a lot of loops. Anyone know how to do this or check what went wrong?  Thanks you!

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1 Best answer
Level 15
Apr 18, 2023 5:34:41 PM

Enter Forms Mode and try entering the figures on your Schedule K-1 Worksheet.

 

3 Replies
Level 15
Apr 18, 2023 5:34:41 PM

Enter Forms Mode and try entering the figures on your Schedule K-1 Worksheet.

 

Level 4
Apr 18, 2023 5:59:40 PM

Thanks. Oddly only myself (1 of the partners) has a K-1 worksheet. Both have the actual K-1’s. No idea how this happened it’s not even the first year of the partnership. Any ideas?

Level 4
Apr 18, 2023 6:14:26 PM

OK I did figure that out, thank you. Hopefully can get the balances to work now also.