Assuming you are preparing Form 1065 for a Partnership and not Form 1041 for a trust (which does not report capital balances), you can enter or revise capital accounts for each partner in Forms Mode.
- Open the return and click the Forms icon in the TurboTax header.
- Look for Sch K-1 Wks in the left column; click on the name to open the form in the large window.
- Under the section Enter Partner Information Below look for two columns for "Capital" and "Basis."
- Enter the allocated beginning capital balance on the "Beg of year (tax basis)" line. You may change any numbers in a blue or green font. Black numbers are calculated and cannot be changed.
- To move to the next partner, use the grey bar on the right margin of the form.
- When you're finished, click Step-by-Step in the header to return to the main screens.
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