This is the first year our LLC income has exceeded the $250,000 income level and I need to reconcile accounts.
Yes, you can edit the Beginning Capital Account balance for each member in Forms Mode.
Open your return and click the Forms icon in the TurboTax header.
- In the left column, find "Sch K-1 Wks" and click on the form name to open it in the large window.
- Just beneath the partner information, you will see columns for Capital and Basis, starting with "Beginning of Year."
- Edit the numbers as needed.
- Scroll down within the worksheet and repeat steps 2-3 for each member.
- To return to working on your return, click Step-by-Step in the header.