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K-1 (Section L) Capital Account Updating in Turbo Tax
Do I need to manually update K-1 worksheets in Turbo Tax (Windows version) to reflect Partner's Capital account changes? Some of the K-1s sent to me for my private equity LLC investments have changes in K-1 section L (capital account analysis). Specifically the beginning capital account, current year loss, and a lower ending capital account. Turbo tax doesn't prompt me to enter these updates. Should I go into the TT K-1 forms worksheets and manually update these cells to reflect? (The same thing occurred in 2022, but I didn't manually update).
‎June 10, 2024
6:59 PM