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New Member
posted Jun 1, 2019 4:55:18 AM

How do I manually enter the Beginning capital account section L on K-1 ?

This is the first year our LLC income has exceeded the $250,000 income level and I need to reconcile accounts.  

0 22 5966
22 Replies
Expert Alumni
Jun 1, 2019 4:55:20 AM

Yes, you can edit the Beginning Capital Account balance for each member in Forms Mode.

Open your return and click the Forms icon in the TurboTax header.

  1. In the left column, find "Sch K-1 Wks" and click on the form name to open it in the large window.
  2. Just beneath the partner information, you will see columns for Capital and Basis, starting with "Beginning of Year."
  3. Edit the numbers as needed.
  4. Scroll down within the worksheet and repeat steps 2-3 for each member.
  5. To return to working on your return, click Step-by-Step in the header.

New Member
Jun 1, 2019 4:55:23 AM

I tried to do this but the program wouldn't let me type any numbers into the field. I checked the simple things like Num Lock, checking for updates and restarting the program.

Expert Alumni
Jun 1, 2019 4:55:25 AM

What account are you trying to change? You should be able to revise any number in green or blue. If the number is black, right click to see the Data Source. You will need to go to that form/schedule/worksheet to change a number in black.

Level 5
Feb 24, 2021 5:16:12 PM

no help here

Level 2
Feb 7, 2022 4:12:04 AM

I have tried this and it does not work. The K-1 shows a blank beginning capital amount. I did see that TTB indicated there was some problem with some accounts but this was over a week ago and it appears it has not been corrected. I need to issue K-1's and this is getting very frustrating. Any help or update on the fix would be appreciated or guidance as to how to go about getting a refund.

Level 2
Feb 10, 2022 6:08:37 PM

Same problem here.  Can't input any amounts in Sch K-1 worksheets for beginning of year capital for any partners.  However apparently I can input amts in the adjacent Basis column...  any ideas?

Level 2
Feb 10, 2022 8:52:41 PM

I was able to do a work-around by doing a dummy return for the prior year (TY2020).  Then when transferring the old data, the capital balances transferred as well.  🙂

New Member
Feb 11, 2022 3:25:44 PM

I am having the same issue with TTB.  I cannot enter Beginning Capital Account amounts.  The area is blue but will not allow an entry.  This is the last thing I need to proceed with our taxes. 

Can someone please help get this fixed?

Level 2
Feb 11, 2022 3:38:20 PM

It has been well over 10 days since TTB informed me they were going to make a fix??

What I ended up doing is to go to the number to be inserted-right click-over ride- enter the number.

I hope this helps.

Level 3
Feb 16, 2022 2:55:27 PM

I also did an override and entered the beginning capital balances on the K-1 worksheet and it worked fine.  2 1/2 yrs since the original post on this issue and it's still not fixed, smh.

New Member
Feb 28, 2022 1:32:16 PM

Same problem.  This is driving me insane.  The field is blue but cannot be changed.  The step-by-step says I didn't enter the individual beginning capital but it won't let me.  The total capital number is right but the K-1s are wrong - showing negative capital for each partner at year end because they're (wrongly) starting from zero.

 

Meanwhile, I've:

been promised a callback from support but not gotten one;

waited for support and then connected to a tax expert but then disconnected midway - no callback;

waited for support AGAIN and asked to be reconnected to a tax expert but then gotten a recording instead telling me to PAY FOR AN UPGRADE;

put on hold AGAIN

 

This is a joke.  Turbotax sucks

New Member
Feb 28, 2022 1:34:02 PM

THIS WORKS!!  THANK YOU!

Level 3
Feb 28, 2022 2:24:28 PM

Try going to the K-1 worksheet in forms and enter each partners beginning capital balance on their worksheets.  Will have to use override (ctr D) to enter them.  This worked for me and the K-1s are now correct.

Level 2
Mar 7, 2022 1:52:54 PM

I talked to a few "experts" this morning and couldn't get any help.  I believe it is a bug.  This is my first year using Turbotax Business and I think it may be the reason.  We won't be able to file electronically if we do an override on this field.

Level 1
Mar 7, 2022 3:03:16 PM

It is definitely a bug. When you are asked to enter the partner information it skips over beginning capital and asks for capital contributed or withdrawn. As far as filing electronically, I did do the override and I did file electronically.

Level 2
Mar 7, 2022 6:19:42 PM

It is great to know we are able to efile after overriding... Then there is some misinformation on the internet regarding this issue.   Thanks for the info.  

Level 2
Mar 14, 2022 8:40:19 PM

SO FRUSTRATING.  Same problem here.  TurboTax, us business owners can't afford to have you making these mistakes in our tax programs!  COME ON - business taxes are due tomorrow and you still don't have your stuff fixed!

Level 3
Mar 15, 2022 12:57:03 PM

After doing multiple returns with Turbotax business for the last several years my advice is NEVER wait for them to do a fix before filing (it won't happen) and don't waste your time trying to call them or talk to one of their "experts" (they usually don't have an answer).  I've had the best luck with posting questions in the community section and doing my own research via the internet then using my best judgement.  Sometimes you just have to take a chance.  It's not worth the stress for something that may never be looked at.

Level 2
Mar 15, 2022 1:41:45 PM

Very true.  I have a "California Adjustment" question on Turbotax Business and talked to 5 "experts" on the phone and nobody was able to help me, even after 90 minutes of investigation.  Now I have to file a California extension.  I will try to post my question in the community section too.

Level 1
Mar 22, 2022 11:22:05 AM

Ctr "D" is what is the key to getting into the areas that the program does not allow you to do. At least it worked for me. Thanks. 

New Member
Sep 12, 2022 10:34:06 AM

OH MY GOD FINALLY so on Forms View, before the individual Schedule K-1 there is "Sch K-1 Wks"  - this opens to partner number 1, and you can enter their beginning capital there THEN USE PAGE DOWN and it will go to the next K-1s in order.

Level 15
Sep 12, 2022 12:56:27 PM

are you asking about schedule L for the k-i's that appear in your personal tax return?   nice to keep track of inside tax basis but entries are not required and Turbotax does not use them for anything