in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
971919
On "Describe this Partnership," I selected "partnership ended in 2019," but that box is not checked on the form view.
It's also leaving my "Ending Capital Account" equal to the "Beginning Capital Account" even though I've entered in the appropriate Schedule K-1 values which should be deducting from the capital amount, leaving $0 as the ending capital to match my partnership basis statement.
Separately, should I also be checking that I "disposed of a portion of my interest in the partnership during 2019"? The entire LLC is canceled. We were operating at a small loss this year, and each partner's remaining basis was dispersed to them and indicated on the respective K-1's. There was no sale of the business, no overall gain or loss.
I'm not understanding the "Describe Partnership Disposal" options and subsequent interview questions either as they do not seem to apply to my situation.
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I am not entirely certain how the Step-by-Step and Forms Mode are linked, programmatically, with respect to the options presented in the disposition section you referenced. However, it is important to recognize that the actual K-1 (Form 1065) does not contain those options; there is only a checkbox for "Final K-1".
Regarding the capital accounts, my understanding is that you, yourself, prepared the 1065 (and associated K-1s) using TurboTax Business. As a result, I would suggest that you make absolutely certain that the return was prepared correctly. First of all, the 2019 program is not fully complete and functional at this point. Additionally, preparing a final return can be somewhat confounding and there is the distinct potential for errors and/or oversights.
In the process of entering your K-1 into the personal version of TurboTax, make absolutely certain you are entering a negative number in the "withdrawals and distributions" box presented in Step-by-Step. Otherwise, the figure entered will be added to your ending capital account.
It might be helpful if you posted the figures and entries on your K-1 here, even if those figures are hypothetical for testing purposes (again note that the program is not ready for filing and there is the possibility errors could result and/or there could be bugs in the software).
Finally, you might want to contact Support (link below) during regular business hours.
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632
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