Drake Tax – 1065: Return Does Not Balance – Capital Account
Article #: 13240
Last Updated: December 05, 2024
Return Note 044 is produced because the beginning of the year amounts don't balance between Schedule L, line 21, and Schedule M-2, line 1. Line 21 of the balance sheet (Schedule L) refers to partner capital accounts. Entry points are located on the K1 screen in Section L for each partner.
An entry on the L screen for line 21 may also affect the outcome.
Note
In View/Print mode, worksheets WK_PCAR and WK_M2 may be helpful.
Note 044 refers to both beginning and ending capital account discrepancies.