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Enter information for Schedule K-1, item L to report partners' capital
Do the following to enter information for Schedule K-1, item L to report partners' capital using the selected capital account accounting method.
- Enter the partners' capital account information in the Analysis of Partners' Capital Accounts section in the Schs M-2 and K-1 column in the M1M2 Screen in the Balance Sheet folder.
- Enter amounts using the capital account accounting method you entered in the K1Misc screen.noteThe IRS has clarified in the Form 1065 instructions for Schedule M-2 that the amounts on a partnership's Schedule M-2, line 3 should show net income (loss) on the partnership books and records as used in maintaining the partner’s capital accounts for purposes of Schedule K-1. Therefore, UltraTax CS automatically uses amounts entered in the Sch M-2 and K-1 column in the M1M2 screen in the Balance Sheet folder for both Schedules K-1 and M-2.