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Adjusting the partners' capital account on Form 1065 in Lacerte

by Intuit Updated 1 year ago

You don't know why Lacerte shows an amount on the partners' capital account for a final year return. How can you adjust the amount to zero?

How to adjust the partners' capital account

The partners' capital account will show an ending balance on the balance sheet for a final-year return.

To adjust the partners' capital account:

  1. Go to Screen 28, Schedule M-2.
  2. In the field Other decreases (-) (Ctrl+E), enter the right amount.
  3. Or, under the section Distributions, enter the right distribution amount in the Cash and marketable securities or Property inputs.
Lacerte Tax

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