Form K-1 Equity Reconciliation Not In Balance

Forum|Forum|1 year ago
March 1, 2025
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I am using Turbo Tax For Business for 2024 Form 1065. I completed the step-by-step approach and Balance Sheet, Capital Reconciliation, it says In Balance. I filed the Form 1065. But I just reviewed the Form 1065 K-1, the Withdrawals and Distributions are not reflected in the M-2 and each respective Partners' K-1. Why the difference? And why would Turbo Tax allow it to transmit with this discrepancy?

TurboTax Business Windows

PatriciaV

Employee

Where did you enter the distribution information? This is found for each partner under Business Info >> Partner/Member Information >> Member Summary.

Or this can be entered directly using Forms Mode on the Schedule K-1 Worksheet, again for each partner (first column under Capital).

If distributions were not entered under one of these two topics, nothing would appear on Schedule K-1 Part L for Withdrawals and Distributions.

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