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On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital Balance?

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February 3, 2022
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On Form 1065 K-1 Partnership Interview for a Partner, why can't I enter Last Year's Capital Balance? Any amount entered on Cash Contributed is assumed to be in that tax year.

TurboTax Business Windows

Best answer by Anonymous_

Thank you - I see that you made this same recommendation earlier. I've attempted this and the current version doesn't allow for the override to occur. Please let me know if you find out otherwise.

regards

@VirtualGreen

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A

Anonymous_

Employee

Have you tried Forms Mode?

That information should have transferred in from your 2020 return.

I

IceRanger2022Author

This is the first time I am using TurboTax, so I am copying it manually from a paper return. I can enter it on the form VIA override - is that the best option to overcome this problem?

R

RobertB4444

You should be able to enter it through the Balance Sheet. No need to override.

Here is some info on entering into the balance sheet.

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V

VirtualGreen

Anyone still experiencing this issue? Now, it seems that each partner's beginning capital displayed in Sechedule K-1 section L can no longer be entered in forms mode.

A

Anonymous_

Employee

You should be able to enter the beginning capital on the Schedule K-1 Worksheet (this requires an override but does not impact the ability to e-file).

This figure would typically be transferred in from a prior year return.

V

VirtualGreen

Thank you - I see that you made this same recommendation earlier. I've attempted this and the current version doesn't allow for the override to occur. Please let me know if you find out otherwise.

regards