I am filling in the section for Enter Capital Account Information for a LLC based partnership that I received a K-1 for. Its asking for Opening Capital Account, Capital Contributed During 2020, etc., Ending Capital Account.
I am not 100% sure what to put into these fields. While I did pay for the LLC formation and put $100 into opening a bank account, that is about all the money I put into the business, the other partner put in $5 for his ownership in the business.
What am I supposed to put in these places. Thanks in advance
You can just click through the screens for Capital Account Information, leaving them blank. Although it is better to keep track of the capital account balances.
A partner's opening capital account balance is generally the value of his contribution to the partnership. Your capital account consist the $100 you put in the bank account plus the value of any property you contributed (computer, furniture, etc.). The other partner's capital account is the $5 plus the value of any property he contributed.
Since you are just beginning the LLC I recommend you see an accountant to get everything set up the correct way.
For background, see: