fxf
Level 2

Business & farm

I've gone through everything with a fine-toothed comb, and I think I understand what happened.

 

I started using TurboTax Business in 2022. I think I may have mis-typed the beginning capital account balance for one of my partners in that year. The incorrect balances were printed on the partner's K-1, and she did not catch this. Nor did I. (Nor did Turbotax -- I believe the member's capital accounts should reconcile to the partnership's capital accounts, but they were out-of-balance on the tax return last year.)

 

When I started TurboTax Business 2023, the partner's balance was picked up from the previous return.

 

I do not see where I can correct the member's capital account opening balance. If I go to Business Info -> Partner Info, there is a screen for "Member Capital" but I can only input current year capital contributions/withdrawals. I can not change the opening balance. At least not in the "Step by step" interview.