Do I need to manually update K-1 worksheets in Turbo Tax (Windows version) to reflect Partner's Capital account changes? Some of the K-1s sent to me for my private equity LLC investments have changes in K-1 section L (capital account analysis). Specifically the beginning capital account, current year loss, and a lower ending capital account. Turbo tax doesn't prompt me to enter these updates. Should I go into the TT K-1 forms worksheets and manually update these cells to reflect? (The same thing occurred in 2022, but I didn't manually update).
Turbotax doesn't use sections J through L on the K-1 for anything, nor is it included in your e-filing. if you omitted them completely from your tax return, no harm would be done. This is also true for Part III box 19 since Turbotax does not track basis or at-risk amounts and there are many items In Part III box 20 that are not used for anything.
so why does Turbotax have these items? - probably because taxpayers would worry that they are omitting important info.
Turbotax doesn't use sections J through L on the K-1 for anything, nor is it included in your e-filing. if you omitted them completely from your tax return, no harm would be done. This is also true for Part III box 19 since Turbotax does not track basis or at-risk amounts and there are many items In Part III box 20 that are not used for anything.
so why does Turbotax have these items? - probably because taxpayers would worry that they are omitting important info.