K-1 Turbo Tax

[Giants25]

I added a K-1 from a Limited Partnership for the first time during the 2020 filing period.  When I entered the K-1 I was prompted to enter information from boxes J, K, and L (Beginning % for Profit, Loss, and Capital; Partner's share of liabilities; and Partners capital account analysis).  However, while doing my taxes now for the 2021 filing period Turbo Tax is not prompting me for this information.  

Did something change?  Do I not need to enter it?  I went to the forms and added it but is that proper?  Thank you.

[GeorgeM777]

No, nothing changed and you probably do not need to re-enter such information.  Did you receive a Schedule K-1 during 2021?  If you did, but have not entered such information into TurboTax, there is nothing yet to trigger the application to ask questions about what has changed since 2020.   So for now, if you do not have a Schedule K-1 to enter for 2021, there is nothing to enter or re-enter.  If you went into Forms and re-entered the same information from the prior year, there is no harm in doing that.   

@Giants25

[nexchap · Accepted solution]

@Giants25 It seems to be a quirk in the program when updating a K-1 that came in from your previous return.  The first time you go through the interview, it doesn't ask about those fields.  But if you complete the interview, and then go back and "edit" the K-1, it will ask about it on the 2nd run through.

Alternatively, you do what you did and just edit the forms.  You can also click the "show forms" button at the bottom of the interview screen, and the bottom half of the screen will show you the form being updated as you interview.  That's a quick way to get to those lines as you go interview.

Note also that TT doesn't do anything with that information, so updating it or not is purely for your own records.

[Mike9241]

 I was prompted to enter information from boxes J, K, and L (Beginning % for Profit, Loss, and Capital; Partner's share of liabilities; and Partners capital account analysis). 

none of these items are used by Turbotax. so you don't need to enter them.

if you do enter them, they are not sent as part of the e-filed return.

the same is true for box 20 on a partnership k-1