Help. My form 1065 K-1 Item L only show "Current year net income (loss), but not "Beginning Capital Account or Ending Capital Account". Any help will be appreciated.

Forum|Forum|3 years ago
March 3, 2023
1 reply
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This my first time using Pro Connect and I have problem regarding my form 1065 K-1 Item L. I already did M2 like some suggestion, but no avail!

ProConnect Tax

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itonewbie

Level 15

The simplest thing to do is to drill down from forms and schedules, if you don't know where to make the input, so long as the field is highlighted in blue.

That will bring you to Balance Sheet, M-1, M-2 > Sch M-2 (Capital Account).

On the first line, Beginning capital, enter what it should be and ProConnect Tax will allocate it between the partners based on their respective shares. Ending capital will also be computed automatically unless you want to make adjustments or overrides on the same input screen.

If you need to apply special allocation among the partners, click on the Special Allocations tab above for the input screen.

---------------------------------------------------------------------------------Still an AllStar

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