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- How to get partner capital accounts on K-1
How to get partner capital accounts on K-1
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denise
Level 2
02-06-2021
11:53 AM
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When partnership is not required to complete Schedule L(balance sheet), M-1 and M-2 and question 4 on page 2 is marked yes, how do I get the K-1 to show partners capital accounts on line L?
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dascpa
Level 12
02-06-2021
01:08 PM
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I never understood why anyone would NOT report the balance sheet if we have the information for it, which we should if handle their accounting. That way we can make sure their fixed assets match the depreciation reports, the equity section matches the K-1's etc. So to answer your question, you cannot automatically get the K-1 to reflect properly without overriding the info. Put in the balance sheet and life will be wonderful.
