Hello, veehbj, First, I am an amateur tax filer, so don't rely on any advice here as authoritative. I asked a similar question in March, and I received an answer from THOMASM125, described as an E...
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Hello, veehbj, First, I am an amateur tax filer, so don't rely on any advice here as authoritative. I asked a similar question in March, and I received an answer from THOMASM125, described as an Employee Tax Expert, on March 26, 2026, 8:27 AM (this date and time may help you find the discussion) THOMASM125 said that in order to update this, you will need to go to the Business info tab, Scroll to the Partner Summary Screen, and select the partner you wish to work on, and scroll thru until you find the Partner Capital screen, where you can enter numbers that affect the partner capital account. I use HOME and BUSINESS version, but I presume PREMIER has the same layout. As I noticed that my Capital account balance was out of date by a few years, and that the capital account does not show anywhere on the printed out return, I assume that this section is not being reported annually, and will only be important in the year you dispose of your partnership. I also assume that,, even if you correct it this year (2025) that it won't update, as when I prepare my taxes, I do not see a section specifically asking me to verify my capital account. Good luck! Philleann