The entire section L of my populated K-1s are left blank. I found a similar question from 2019, but I am unable to find an answer for the TT Business 2021 version.
For 2019, it mentioned a "question #6 on the size of the partnership receipts and assets. If this question is answered "no", then Section L of the K-1 will not be completed." This does not seem to correlate to the 2021 version, and I do not know where to look.
What can I do to get this section populated? Thanks for the help
Try Question 4d (and the Smart Worksheet directly below that question) on Schedule B of your 1065 (top of page 3).
What I had to do is manually over ride (right click option), as well as for the increase (decrease) line. The other lines did seem to flow from the Sch K-1 Wks as I expected. Jimbob.
PS: this was for Turbo Tax Business 2021 1065 Partnerships for LLC (Partnership K-1s)
to clarify, the first override was for Beginning capital account and the other override was for "Other increase (decrease) (attach explanation)"
CHAMP @Anonymous_ is correct - you can populate the Capital Balance portion of Schedule K-1 by changing the answer about Schedule L. There is no need to manually enter this information or override existing entries.
The easiest way to include Schedules L, M-1 and M-2, regardless of your partnership's income and/or asset value, is on Form 1065 p1-3.
Information you have entered or imported for the partners' capital accounts will now be shown on Schedule K-1.
Wonderfully easy to follow explanation. Thanks @PatriciaV !
If you do corporate taxes would love to work with you and you can message me