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.
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.
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.
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.
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?
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. 🙂
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?
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.
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.
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
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.
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.
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.
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.
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!
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.
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.
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.
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.