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Get your taxes done using TurboTax
To avoid calculation errors, enter the beginning capital balances on the Schedule K-1 Wks (Sch K-1 Wks) using Forms Mode. This form has an internal scroll bar to let you move between partners. Capital and Basis columns appear on the left side of each partner "page." The total of your entries on this worksheet will carry over to Form 1065 p5-6, Schedule M-2 Line 1.
If the total you manually entered on Sch M-2 was greater than the sum of beginning capital balances entered for the first two partners, the program most likely adjusted the third partner's balance to make the two totals match.
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‎February 22, 2024
11:32 AM