Level 11
04-12-2023
09:48 AM
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Why on earth would you want to enter the capital account analysis from the K-1? It's not outside basis, and if it coincidentally replicates outside basis, the K-1 input of income / deductions / distributions will match the end result?
ProConnect, like Lacerte, are not "mindlessly enter 100% of the boxes and a correct tax return will miraculously appear" style software. Professional tax software assumes that you know what the correct tax return looks like, and any input that gets you that answer is sufficient and appropriate.
The support answer regarding Question 6 has to do with suppressing Schedule L at the 1065 level.