We're using Turbo Tax Business for our father/son partnership and T.T. Deluxe for the partners' 1040's. This partnership was formed Jan. 1, 2016. I have a question regarding entering one of the partner's info. into T.T. Deluxe. Under the Federal Taxes 'Wage & Income' tab as I'm entering info. from our son's K1, one screen asks me, 'Enter Capital Account Information.' It asks for (1) Beginning capital account, (2) Capital contributed during the year, (3) Current year increase, (4) Withdrawals & distributions, & (5) Ending capital account.
Our son did not contribute capital at the beginning of the year. Cash withdrawals/distributions to him were entered in item (4).
If someone could help me out with items 2, 3, & 5 above, I'd appreciate it very much. Many thanks!
Also, on this screen I need to check either Tax basis, GAAP, Section 704(b) book, or other. Any tips on what I check here? Thanks again!!
