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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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Partnership Tax Estimates
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mmmconsultingse
Level 1
04-13-2024
05:10 PM
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Hello - I recorded tax payments from the partnership because I use the business checking account to pay them. I debit equity as a tax estimate and credit cash. When I am calculating the M2 do I put those with the other distributions on line 6? I was researching that tax estimates are not included in the calculation of partners' capital account however if I don't include them than my balance sheet does not balance.
1 Comment 1
TaxMonkey
Level 8
05-01-2024
11:41 AM
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Are you saying that the partnership made estimated tax payments on behalf of the partners?
If so then I would show it as a cash distribution to the partners - Schedule M-2 6a
Please link whatever you read that said tax estimates are not included in the calculation of partner's capital accounts.
