Turbo Tax Business-K-1 Basis Statement

Yes, the partner's capital section on Schedule K-1 should automatically appear if the information was displayed on the prior year K-1's. If this is not what you are experiencing, please check the following:

Option 1:

1. Open your return in TurboTax Business and go to Forms Mode from the TurboTax header.
2. Click on Form 1065 p1-3 in the left column to open the form in the main window.
3. Scroll down to Schedule B, Line 4d.
4. If Line 4d is marked "No," Schedule L will not be included. However, if you check the box "Yes" under "Completion of Schedule L, M-1, M-2 etc Smart Worksheet," TurboTax will complete Schedule L. This information will then flow to Schedules K-1.

Option 2:

1. Open your return and go to Federal Taxes >> Balance Sheet
2. Are your Total End-of-Year Assets less than $1,000,000?
3. If this is true, and your income is less than $250,000, when you click Continue, the next page "Good News" will automatically check the box for "Yes, I want to skip this balance sheet section."
4. Instead, click "No, I want to complete my balance sheet." This will force the program to complete Schedule L. You will also need to enter your balance sheet info, and it must balance. (See How do I reconcile my balance sheet in TurboTax?)

On the 1120S, you must go to the 1120 information page at the top in forms. Then, check the box to calculate basis.