NOTICE: All users of the k1 Partnership Form that have a number in Section L Partner's Capital Account Analysis: withdrawals & distributions -
THIS LINE IS NOT ADDING (either negative or positive) INTO THE ENDING CAPITAL ACCOUNT TOTAL!!.
You cannot override the total to account for this.
You can fix this by using a statement to add or subtract this in the Capital Account Total.
I spoke with TurboTax Support 2 weeks ago about this and they admitted it was a program bug.
It does appear to be a bug in the program (the K-1 Worksheet and K-1s do not appear to be linked for the purposes of Section L), but it is possible to do overrides on the K-1s in that section.
UPDATE - Sorry, it is not the "Withdrawals & Distributions" that are not computing, it is the "OTHER INCREASE (DECREASE)" That is not computing.
@RHugg wrote:
UPDATE - Sorry, it is not the "Withdrawals & Distributions" that are not computing, it is the "OTHER INCREASE (DECREASE)" That is not computing.
Understood. However, as I indicated earlier, it is possible to override the figures directly on the K-1s. I did so on a test return and, despite the fact that the overrides are displayed in red, the ability to e-file did not appear to be impeded.
I have just tried to override the ending capital account total line. The program will not let me do it.
Below is shown how the program is calculating the numbers. The shown "Ending capital account" should be 1755, not 2079. This cannot be overridden. The line "Other increase (decrease)" is not being added in to the total. If you do not have a number for "Other increase (decrease)" then the program calculates correctly.
Beginning capital account 2,639
Capital contributed during the year 785
Current year net income (loss) (323)
Other increase (decrease) (324)
Withdrawals & distributions (1,022)
Ending capital account 2,079
Heh, I found a workaround. I just wanted to let people know that this is a problem, that TurboTax Support is aware of it. They spent 2 hours running a diagnostic program to verify the issue. I have installed the program on 3 computers and it does this on all of them. So far Intuit has not fixed this in the patch that just came out.
I am done with it!
This was done directly on the k1 form, not through the interview.