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Level 3
September 23, 2023
Question

Entering Data from Schedule K-1 Box L: Partnership's Capital Account Analysis

  • September 23, 2023
  • 1 reply
  • 12 views

My client received a Schedule K-1 from Partnership. In it Box L gives amounts for Beginning capital account, etc. On Screen 20, I see location for entering Partner's share of liabilities, but I could not see a location where I can enter Capital account info. I would appreciate any info to direct me to locate it. 

Thanks.

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1 reply

PhoebeRoberts
Intuit Community Champion
September 25, 2023

You track outside basis in the section headed Basis Limitation. The partnership keeps track of the capital account.