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Level 3
posted Mar 9, 2023 7:40:37 AM

Schedule K-1 (Form 1065) Withdrawals and Distributions

So I received a Schedule K-1 (Form 1065) from an Investment Fund, and I was able to follow through and enter most of the information using Turbo Business Edition. However in Section I. (Partner's Capital Account Analysis), there is a (fairly large) amount under "Withdrawals and Distributions". I didn't find any instructions in TurboTax as to how to correctly enter this (or does it need to be entered at all?).

As always, thanks in advance for any input.

 

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1 Best answer
Level 15
Mar 9, 2023 7:49:46 AM

There is no place to enter that section in TurboTax Business.

 

Retain the K-1 for your records as it will be necessary in order to be able to determine your basis (distributions decrease your basis) in the future.

1 Replies
Level 15
Mar 9, 2023 7:49:46 AM

There is no place to enter that section in TurboTax Business.

 

Retain the K-1 for your records as it will be necessary in order to be able to determine your basis (distributions decrease your basis) in the future.