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Entering capital account distributions to partner in ProConnect

by ProConnect Tax Online Updated 1 year ago

This article will assist you with entering distributions in the Partnership module of Intuit ProConnect.

Follow these steps to enter distributions in the partnership return:

  1. Go to the Input Return tab.
  2. From the left of the screen, select Balance Sheet, M-1, M-2 and choose Sch M-2 (Capital Account).
  3. Scroll down to the Distributions section.
  4. Locate the Cash and marketable securities field.
  5. Enter the amount of cash distributions in the Federal column.
  6. Go to the Special Allocations tab.
  7. Allocate to the Capital Account.
  8. Expand the Cash & Marketable Securities (enter total in Sch M-2 (Capital Account)) section to allocate the distributions to the correct partners.
  9. Go to the Check Return tab.
  10. Make sure the amounts flowed to the Schedule K-1, Withdrawals and Distributions successfully.
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