To enter and specially allocate amounts for Schedule K-1, Item L, partner's capital account analysis:
- Go to Screen 28, Schedule M-2 (Capital Account).
- Enter the Beginning capital (this amount will proforma from the prior year).
- Locate the Contributed Capital subsection.
- Enter the cash and property.
- In the field Other increases (+)(Ctrl+E) enter the description and amounts. If a description is not entered you won't be able to specially allocate the amounts later.
- Locate the Distributions subsection.
- Enter the cash and property.
- In the field Other decreases (+)(Ctrl+E) enter the description and amounts. If a description is not entered you won't be able to specially allocate the amounts later.
To specially allocate the capital contributed amounts:
- Go to Screen 29, Special Allocations.
- Select the + to expand the Capital Account (Sch. K-1, Item L) section in the left menu.
- Select Beginning Capital (enter total in Scr. 28) from the left menu, and allocate the amounts to the applicable partners.
- Select Capital contributed during the year (enter total in Scr. 28) from the left menu, and allocate the amounts to the applicable partners.
- Select the + to expand the Other increases folder.
- Select the description you entered on Screen 28, Schedule M-2 (Capital Account) and allocate the amounts to the applicable partners.
To specially allocate the capital distributed amounts:
- Go to Screen 29, Special Allocations.
- Select the + to expand the Capital Account (Sch. K-1, Item L) from the left menu.
- Select the Distributions folder.
- Select Cash & Marketable Securities (enter total in Scr. 28) if applicable, and allocate the amounts to the applicable partners.
- Select Property (enter total in Scr. 28) if applicable, and allocate the amounts to the applicable partners.
- Select the Other decreases folder, if applicable.
- Select the description you entered on Screen 28, Schedule M-2 (Capital Account) and allocate the amounts to the applicable partners.