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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Partnership Basis Worksheet - Guaranteed Payments
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Partnership Basis Worksheet - Guaranteed Payments
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Partnership Basis Worksheet - Guaranteed Payments
Partnership Basis Worksheet - Guaranteed Payments
Submitted by order on 02-28-2024 10:01 AMI came across an issue with the new Partner Basis Calculation Worksheet when there is a health insurance benefit/guaranteed payment to a partner.
When a partner has Health Insurance benefit, it is added in Screen 22 (Partner Health Insurance) and Screen 13 (Guaranteed Payment). The new Basis Worksheet is counting this deduction twice resulting in an error in the Adjusted Basis for that partner. In the Basis Worksheet the health insurance benefit is being accounted for on line 4a "Ordinary Business Income" and also on line 15p "All Other". I was on the phone with Lacerte for over an hour and wasn't able to find a way to override or correct this error.
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