Question

The partner beginning capital amount is not showing on the K-1s??

Forum|Forum|4 years ago
February 6, 2022
1 reply
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TurboTax Online

Is the ending capital account accurate? Did you use Turbo Tax last year for the partnership return? If the answer to both are yes, then you are fine.

However, if the lack of a beginning capital account is causing an issue with the ending number, then you can manually enter the beginning capital for the partner. Here is link with a step by step guide to manually entering it.

Manually edit beginning capital account K-1

M

meservewAuthor

I have tried this and it does not work. I did see a comment from TTB that some users were having a problem with this and that they were working on a fix. That was over a week ago and there are still issues. Is there an update? Will there be a fix? I need to get K-1s out and this is becoming very frustrating. If this is not going to be fixed how does on go about getting a refund?

PatriciaV

Employee

Rather than wait for an update, you can enter/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."
In the Capital column, right-click the box and select "Override." Enter/Edit number as needed.
Scroll down within the worksheet and repeat steps 2-3 for each member.

To view the actual Schedule K-1,

Click File >> Print from the main menu at the top of the TurboTax window.
Choose "Specific Forms" and "Form Only."
Check the box beside each Schedule K-1 you wish to preview.
Choose "Save as PDF" or "Preview Print Copy" at the bottom. The forms will open in your PDF viewer.
Look for the Partner's Capital Account in Section L.