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Business & farm
It would get pretty complicated. The "Current Year Increase (decrease)" line can be calculated, since it is equal to adding/subtracting the various numbers on the K-1 (adding lines 1-11 and then subtracting the deductions on subsequent lines). But figuring out the other capital contributed and the withdrawals/distributions seems tricky. Is there a reason you need to? Its not required for filing. You'd typically enter the info for the primary PTP, and leave it blank for the other flow-through entities.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
‎June 4, 2019
4:48 PM