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BK-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 933
Experience:  Owner of a CPA firm
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I am using turbotax a 1065. It is showing a $550,000 cash

Customer Question

I am using turbotax for filing a 1065. It is showing a $550,000 cash contribution by partners when there is none. Everything else matches, it just created this cash contribution which is increasing my partners capital accounts by too much
Submitted: 1 year ago.
Category: Tax
Expert:  BK-CPA replied 1 year ago.

This is most likely an entry being made to balance equity given other return inputs. Without being able to review the tax file it's impossible to say, but I would be happy to review the tax file if you would like to send it to me. For this I will have to offer what JA refers to as an additional service. I can provide you with my contact information and an (e-mail) address to send the tax file to. I can then make corrections and send the file back to you.