How do I manually enter the Beginning capital acco...
lorizeigenbein
New Member

How do I manually enter the Beginning capital account section L on K-1 ?

This is the first year our LLC income has exceeded the $250,000 income level and I need to reconcile accounts.  

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PatriciaV
Level 7

Get your taxes done using TurboTax

Yes, you can edit the Beginning Capital Account balance for each member in Forms Mode.

Open your return and click the Forms icon in the TurboTax header.

  1. In the left column, find "Sch K-1 Wks" and click on the form name to open it in the large window.
  2. Just beneath the partner information, you will see columns for Capital and Basis, starting with "Beginning of Year."
  3. Edit the numbers as needed.
  4. Scroll down within the worksheet and repeat steps 2-3 for each member.
  5. To return to working on your return, click Step-by-Step in the header.
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stephen-farias
New Member

Get your taxes done using TurboTax

I tried to do this but the program wouldn't let me type any numbers into the field. I checked the simple things like Num Lock, checking for updates and restarting the program.
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PatriciaV
Level 7

Get your taxes done using TurboTax

What account are you trying to change? You should be able to revise any number in green or blue. If the number is black, right click to see the Data Source. You will need to go to that form/schedule/worksheet to change a number in black.
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Raeka
Level 3

Get your taxes done using TurboTax

no help here

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