Initial filing for multi partner LLC with TT Business. have entered data in interview for partners' capital contributions, $$ and property. Nothing shows up on the Capital Accounts lines on the K-1s, these lines are blank, How come?
I don't recall exactly, so forgive me, but I believe that you need to go into Forms Mode and check a box on the worksheet.
If not a bug but rather user error, I was hoping for something more specific. What box, where?
@user17718192850 wrote:What box, where?
I don't have the software currently but have had it in the past and I'm sure there is a box for that (or was).
The problem is I can't recall exactly where it was in the 1065 module. I believe it's somewhere on the information or 1065 worksheets (where there's a K-1 section and, admittedly, it's hard to locate).
If no one answers here, you can contact Support as they should have someone who can help you find that box.
Also, take a look at Schedule B, Line 4 of your 1065. If you satisfy those conditions, then you are not required to complete item L on your K-1s.
Point being is TurboTax Business defaults to those conditions based on the figures you input and if satisifed, item L will be blank, HOWEVER, that's where the box I referred to comes in; if you check it the program will print the figures you entered in Item L on the K-1s.
So, enter Forms Mode and look for it. The box should be somewhere on the 1065, the K-1s, or one of the worksheets associated with the 1065 or K-1.