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Question

Where do I enter “Capital contributed during the year" number on K1?

Forum|Forum|3 years ago
April 14, 2023
1 reply
0 views

I have a partnership that started in 2021. In 2022, I contributed additional capital to the partnership. When filing the 2022 return, TurboTax doesn't ask this information. Where do I enter this? If it is not entered, wouldn't my basis be lower than it actually is when the partnership ends and I would be paying tax on gains that don't exist?

TurboTax Self Employed Online

Employee

TT doesn't track a partner's tax basis, which is why there is no question.

However, each partner is responsible for tracking their tax basis in order to determine; allowable losses, tax impact of distributions, gain or loss upon exiting the partnership.

This can easily be done in excel.

If you do a google search you can most likely find a template out there.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.

knownoiseAuthor

Got it. Thank you!

Employee

You are welcome.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.