topic Re: Schedule L not balancing in Get your taxes done using TurboTax

Schedule L not balancing

spiderfool3 — Sat, 29 Feb 2020 20:55:56 GMT

I have a pass through company that is invested in 3 other LLC's. I received K-1's totaling loss of -225,712 and had a distribution of 2,352. on the Schedule L i have Cash at end of year 2,352, since i did not make any distributions to the partners. the beginning cash balance was 0. I collected 236,000 which is in other investments. So, my total assets are sitting at 238,352. the partners' capital account is at 10,288. I dont know what i inputted wrong where, but it says the balance sheet iss out of balance by 228,064. Can anyone point out what i am doing wrong?

Re: Schedule L not balancing

Anonymous_ — Sat, 29 Feb 2020 21:03:06 GMT

@spiderfool3 wrote:

...it says the balance sheet iss out of balance by 228,064. Can anyone point out what i am doing wrong?

It almost looks like your capital account needs to be increased by the amount your balance sheet is out of balance (i.e., 228,064) - at least something on the liabilities and capital side. Did you make a distribution to your members?

Re: Schedule L not balancing

spiderfool3 — Sat, 29 Feb 2020 21:21:57 GMT

I did not. the distributions were made to the partnership from the 3 investments the partnership is a part of, but i did not make any distributions since the amount was small. i made sure all of the capital accounts of the shareholders was correct.

Re: Schedule L not balancing

Anonymous_ — Sat, 29 Feb 2020 21:27:25 GMT

Fine, except you stated you collected 236,000 making the total assets 238,052 so, without distributions, something on the liabilities/capital side needs to increase, most likely the capital account as no distributions were made.