MSSCPA
Level 1
08-09-2021
04:09 PM
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trying to input Partner's Share of Liabilities from 1065 K-1 into 1120S.
Can't find input in S Corp program.
Does input exist?
Thank you.
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sjrcpa
Level 15
08-09-2021
06:13 PM
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Pass thrus to pass thrus is not a strong suit of Lacerte.
i don't think it exists.
You'll need to do your own basis/at risk calculations for the S Corp's ownership of the partnership and manually apply any loss limitations.
The more I know the more I don’t know.
MSSCPA
Level 1
08-09-2021
06:28 PM
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Thank you!
abctax55
Level 15
08-09-2021
06:48 PM
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Susan's right (again... 🙂
I use an excel spread sheet to track this then adjust/force the software as necessary.
HumanKind... Be Both