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

 
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2 Comments 2
IRonMaN
Level 15

Does a partnership have such a thing as retained earnings?


Slava Ukraini!
PhoebeRoberts
Level 11
Level 11

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.