Massachusetts Tax Confusion

Paul Bleicher on

I am preparing from 3 and form 3-K for Massachusetts taxes.
We have had some withdrawals from the club and I am puzzled
as to how to record the distributions on the individual form
3-Ks. There is no place for doing this on the form. The
only possibility isto do a reconciliation of the partner's
capital account - starting balance, income, withdrawals,
etc. This is left BLANK on the K-1s, so it would mean I
would have to go in and calculate these for every person in
the club. Can anyone help me here?

Laurie Frederiksen on

On Sun, Feb 12, 2012 at 8:54 PM, Paul Bleicher wrote:

I am preparing from 3 and form 3-K for Massachusetts taxes.
We have had some withdrawals from the club and I am puzzled
as to how to record the distributions on the individual form
3-Ks. There is no place for doing this on the form. The
only possibility isto do a reconciliation of the partner's
capital account - starting balance, income, withdrawals,
etc. This is left BLANK on the K-1s, so it would mean I
would have to go in and calculate these for every person in
the club. Can anyone help me here?

Dear Paul,

You have an option you can set so that that section L of the K-1 will be filled in. You can find the setting if you go to Administration>Tools and select Edit Club configuration.

--
Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio

Paul Bleicher on

Thanks, that worked great.

Mail