Schedule K-1 (Form 1065) Withdrawals and Distributions

Forum|Forum|3 years ago
March 9, 2023
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So I received a Schedule K-1 (Form 1065) from an Investment Fund, and I was able to follow through and enter most of the information using Turbo Business Edition. However in Section I. (Partner's Capital Account Analysis), there is a (fairly large) amount under "Withdrawals and Distributions". I didn't find any instructions in TurboTax as to how to correctly enter this (or does it need to be entered at all?).

As always, thanks in advance for any input.

TurboTax Business Windows

Best answer by Anonymous_

There is no place to enter that section in TurboTax Business.

Retain the K-1 for your records as it will be necessary in order to be able to determine your basis (distributions decrease your basis) in the future.

Anonymous_Answer

Level 15

There is no place to enter that section in TurboTax Business.

Retain the K-1 for your records as it will be necessary in order to be able to determine your basis (distributions decrease your basis) in the future.