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R
RAD
Level 2
January 27, 2021
Question

Supplemental Information on 2020 Form 1065, Schedule K-1

  • January 27, 2021
  • 2 replies
  • 1 view

Supplemental Information on 2020 Form 1065, Schedule K-1 states that Capital Account was not on Tax Basis in Prior Year.  In my case, Capital Accounts were on Tax Basis in Prior Years.  How do you get rid of statement that Capital Account was not on Tax Basis in Prior Years?

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2 replies

M
MiltonSDay
Level 2
January 28, 2021

I would like to know that too!

G
George8
Level 2
January 28, 2021

I was having the same issue and then checked the wording on screen 28. In the box at the top called "Method used to determining beginning capital", it should be left blank since the title of that section states that it is only to be used "If tax basis method was not previously used"  Hope that helps. If that box was already blank and you still get the message, I don't know how to help.

    M
    MiltonSDay
    Level 2
    January 29, 2021

    Thanks for your help.

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