msussman90-gmail

Level 2

Question

How can I get net income in the K-1 capital account section to be on a tax basis? Currently it is pulling book income from the M-1, not taxable income.

Forum|Forum|4 years ago
October 27, 2021
1 reply
11 views

Currently, the net income per the K-1 capital account section (item L) is applying the ownership percentages to the net income per books line of Schedule M-1 as opposed to to the taxable income line. Item L on the K-1 is supposed to be computed on a tax basis.

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Level 15

I think the HOW TO is here https://proconnect.intuit.com/community/form-1065/help/form-1065-schedule-k-1-item-l-partners-capital-account-analysis/00/5200

OR somewhere in this search https://proconnect.intuit.com/community/forums/searchpage/tab/message?advanced=false&allow_punctuation=false&filter=location&location=category%3A304&q=schedule+L

click Articles

Answers are easy. Questions are hard!

msussman90-gmailAuthor

Level 2

Thanks. I’m not having a problem with Item L being blank but rather it’s being calculated on a book basis instead of tax basis