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- line 21 from the balance sheet form 1065
line 21 from the balance sheet form 1065
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fantastictax
Level 2
10-05-2024
10:20 PM
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hello,
in order to process 2023 form 1065, i am entering client info from 2022 tax return. on his return line 21 from p5 balance sheet is empty, but it is showing on line 1 from schedule M2. therefore it is throwing my balance sheet off and am unable to balance his from 2022 in order to move it properly to 2023.
how to delete line 21 from the balance sheet of form 1065 partners captial accounts while it is kept schedule M-2 balance of beg of year
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1 Comment 1
dascpa
Level 11
10-07-2024
09:58 AM
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Your question is not totally clear, but line 21 (Partner's capital accounts) should be generated by the amounts for each partner in the Schedule K-1 Worksheet ("Beg of year (tax basis)").
