AnnieMacGSP
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Great explanation, many thanks!
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FYI:https://www.cbiz.com/insights/articles/article-details/irs-unveils-2020-tax-basis-capital-reporting-requirement-for-partnerships#:~:text=There%20is%20now%20...
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@larnerAs mentionedmy method was to open the prior year TY2020 and change the cap acct balances from there so the ending cap accounts transferred over to TY2021...
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Also I looked into the worksheet for the Schedule K-1s and clicked the option re: Item L, to calculate the capital account adjustments. Not sure if I needed to ...
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Hmmm. I had to enter in all the partnership info fresh and into a 'dummy' 2020 return. The 2020 TT return asked for each partner's beginning capital account bal...
Activity Feed for AnnieMacGSP
- Got Cheered for Re: K1 - begining capital account. March 5, 2025 8:49 AM
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- Cheered Re: Yes, you can edit the Beginning Capital Account balance f... for JohnnyC59. March 23, 2022 6:39 AM
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- Cheered Re: How do I manually enter the Beginning capital account section L on K-1 ? for sdooley56. March 15, 2022 8:11 AM
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- Cheered Re: How do I manually enter the Beginning capital account section L on K-1 ? for capristar. March 8, 2022 4:02 AM
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- Cheered Re: How do I manually enter the Beginning capital account section L on K-1 ? for meservew. March 8, 2022 4:01 AM
- Cheered Re: How do I manually enter the Beginning capital account section L on K-1 ? for fhinman. March 8, 2022 4:01 AM
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