topic @bknjackson in Get your taxes done using TurboTax

Our company formed in April of 2015 so there is no amount on either parnter’s 2015 K-1 Part II, Section L. How do we figure last year’s ending capital balance?

bknjackson — Mon, 03 Jun 2019 18:38:44 GMT

@bknjackson

StephanieB — Mon, 03 Jun 2019 18:38:47 GMT

@bknjackson

I'm not able to see your comment @TurboTaxStephanieB

bknjackson — Mon, 03 Jun 2019 18:38:49 GMT

I'm not able to see your comment @StephanieB

I apologize, @bknjackson your comment accidentally got in...

StephanieB — Mon, 03 Jun 2019 18:38:50 GMT

I apologize, @bknjackson your comment accidentally got in the spam filter and unfollowed you so I tagged you back in it. I'm not a Tax Pro so I don't know the answer to your question but all bring your question to their attention.

Since the partnership was organized in 2015, the beginnin...

KristinaK — Mon, 03 Jun 2019 18:38:51 GMT

Since the partnership was organized in 2015, the beginning balance for 2015 is zero. To arrive to ending balance for each partner for 2015: add to zero any cash/property contributions by each partner. Subtract distributions (if any). Add/subtract and income/losses applicable for that year attributed to each partner. And this will give you 2015 ending capital balance.