topic K-1 Box L Capital Contribution and Transfer in Business & farm

K-1 Box L Capital Contribution and Transfer

Emily-2Q2Q — Fri, 20 Mar 2020 01:53:54 GMT

Hi there,

I have a K-1 with no numbers in Part 3 (boxes 1-20).

All that is being reported is a change in the capital account, in Box L.

The detail in the description says the box L total reflects

- Contributions to Capital

- Transferred Caital

I do not see where to enter this in Turbo Tax.

Is this just "internal accounting" and not reflective of a capital event?

Thank you,

Emily

Re: K-1 Box L Capital Contribution and Transfer

Anonymous_ — Fri, 20 Mar 2020 05:40:25 GMT

It is not necessary to enter information regarding your capital account in TurboTax but, if you would like to do so and since you are using TurboTax Home & Business, you can enter the figures directly on your K-1 in Forms Mode.

Re: K-1 Box L Capital Contribution and Transfer

Emily-2Q2Q — Fri, 20 Mar 2020 17:44:40 GMT

thank you.