topic On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital Balance? in Business & farm

On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital Balance?

IceRanger2022 — Mon, 09 Mar 2026 06:26:44 GMT

On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital Balance? Any amount entered on Cash Contributed is assumed to be in that tax year.

Re: On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital Balance?

Anonymous_ — Thu, 03 Feb 2022 17:39:31 GMT

Have you tried Forms Mode?

That information should have transferred in from your 2020 return.

Re: On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital Balance?

IceRanger2022 — Thu, 03 Feb 2022 17:41:38 GMT

This is the first time I am using TurboTax, so I am copying it manually from a paper return. I can enter it on the form VIA override - is that the best option to overcome this problem?

Re: On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital B...

RobertB4444 — Wed, 09 Feb 2022 03:38:54 GMT

You should be able to enter it through the Balance Sheet. No need to override.

Here is some info on entering into the balance sheet.

Re: On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital B...

Anonymous_ — Wed, 09 Feb 2022 19:56:37 GMT

A figure entered on the Balance Sheet will not propagate to the beginning capital account on the K-1 (Item L).

Re: On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital B...

IceRanger2022 — Sat, 12 Feb 2022 22:13:14 GMT

I agree - the balance sheet has the total partner contribution, not propagating to the K-1. TT support says the program is working as designed, but I still cannot enter last year's starting capital account balance, unless I override on the K-1 Section L. Am I misunderstanding this? To refresh... I have last year's K-1 starting capital balance for each partner, but cannot enter it in the interview process or on the K-1 Worksheet. It seems to work if I go into the K-1 Section L and override the entry for beginning capital. Is this the only way to do this?

Re: On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital B...

Anonymous_ — Sat, 12 Feb 2022 22:39:55 GMT

@IceRanger2022 wrote:

It seems to work if I go into the K-1 Section L and override the entry for beginning capital. Is this the only way to do this?

As far as I have been able determine, an override is necessary. Fortunately, this particular override does not appear as if it will interfere with e-filing.

Re: On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital B...

Anonymous_ — Sat, 12 Feb 2022 22:41:35 GMT

By the way, did you transfer last year's 1065 (the 2020 return) into this year's return?

I would be interested in learning whether the account information transferred and, if so, whether it transferred properly.

Re: On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital B...

IceRanger2022 — Sat, 12 Feb 2022 22:55:05 GMT

This is the first year I am using TurboTax, so I am manually transferring it from paper return from account last year. Thank you for your assistance.

Re: On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital Balance?

VirtualGreen — Fri, 11 Mar 2022 15:23:45 GMT

Anyone still experiencing this issue? Now, it seems that each partner's beginning capital displayed in Sechedule K-1 section L can no longer be entered in forms mode.

Re: On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital Balance?

Anonymous_ — Fri, 11 Mar 2022 15:28:24 GMT

You should be able to enter the beginning capital on the Schedule K-1 Worksheet (this requires an override but does not impact the ability to e-file).

This figure would typically be transferred in from a prior year return.

Re: On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital Balance?

VirtualGreen — Fri, 11 Mar 2022 15:54:29 GMT

Thank you - I see that you made this same recommendation earlier. I've attempted this and the current version doesn't allow for the override to occur. Please let me know if you find out otherwise.

regards

Re: On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital Balance?

Anonymous_ — Fri, 11 Mar 2022 16:02:21 GMT

@VirtualGreen

Re: On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital Balance?

VirtualGreen — Fri, 11 Mar 2022 16:29:53 GMT

@Anonymous_

Wonderful!! Rookie error on my part thinking double-clicking is 'overriding'. Appreciate your and the community responsiveness. (yes, i'm an idiot).

Re: On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital Balance?

IceRanger2022 — Sat, 12 Mar 2022 17:00:10 GMT

Just for the record....

I was able to successfully override the amount for starting partner capital in forms mode. I submitted the forms to the IRS and New York State and both were accepted in early March 2022.