Here is the sequence for Form 1065 under Business Info >> Partner/Member Information:
- Member Summary page
- Click Edit beside a Partner Name.
- Enter Member information.
- Choose type of member (managing or other).
- More About This Member, click boxes that apply (optional).
- Member Percentage, beginning and end of year.
- Member Capital: cash/property contributions, cash/property distributions.
- Back to Member Summary.
- Click Done, and select Allocation Method (typically Profit Percentage).
Because this is the first year of your business, Beginning Capital for all Partners will be zero.
To check your entries, go to Forms mode (upper right in TurboTax header).
Look for Sch K-1 Wks in the left column; click on form name to open in the large window.
Use the scroll bar within the form to review all Partners; Capital appears under the Partner Address on the left side.
Use Step-by-Step to return to the entry pages.
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