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Level 1
December 16, 2022
Question

WHERE DO YOU INPUT OWNER CAPITAL AND RETAINED EARNINGS FROM BALANCE SHEET TO FORM 1065 ON WHAT SCREEN AND WHERE??

  • December 16, 2022
  • 2 replies
  • 11 views
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2 replies

IRonMaN
Level 15
December 16, 2022

Does a partnership have such a thing as retained earnings?

Slava Ukraini!
PhoebeRoberts
Intuit Community Champion
December 16, 2022

Capital account balances go in the first line of Screen 28 as an aggregate, and are allocated to the partners in Screen 29.

Retained earnings isn't a meaningful concept for partnerships. Make appropriate journal entries to zero it out.