Welcome back! Ask questions, get answers, and join our large community of tax professionals.
Showing results for 
Search instead for 
Did you mean: 

A New 1065 Client and Updating the Schedule K-1

Level 3

I am trying to match the information to match the prior return for the following items and I am having no luck.

1. Entity type - they are a Trust and I don't see that option.

2. Beginning Capital - the allocation by percentage calculation in Proconnect is different than shown on the last K-1, how can I update that amount by partner?

3. Same thing with the share of recourse, it need to be adjusted by each partner and the software is calculating a different amount.

0 Cheers
1 Best Answer

Accepted Solutions
Level 15
1 Comment 1
Level 15

1. It is a Fiduciary return

2. https://accountants.intuit.com/support/en-us/help-article/form-1065/use-special-allocations-proconne...

3. See #2

Here's wishing you many Happy Returns