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Form K1 and Leaving Employer
Hello,
I was employed at a private partnership firm where I had received restricted units. I have been receiving K-1 and entering it in TT every year. I left the firm last year and received the final K-1(including distribution in Field 19) which I am trying to input into TT this year. I was wondering if someone could provide some clarity on the following:
Line L:
Beginning Capital Account: 68,911
Capital contributed during the year: 13,402
Current year net income (loss): 2,962
Other increase (decrease): (5,124)- Refers to Adjustment to Tax Capital for Leaving Partners
Withdrawals and distributions: 80,151
Box 19: Distribution
A: 80,151
Questions:
- Where do I enter the Box L info?
- Isn't that needed for computing the gain/loss on the distribution?
- How is this used "Other increase (decrease): (5,124)"
- I have entered all the other fields of the K-1(screenshot below)
Thanks!