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.
Pheobe,
Thank you for your non-response. The intent of my posting was to suggest that data input should not require deep thought about the intricacies of tax law which in too many instances is incomprehensible.
Data input needs to be mindless and efficient. The benefit of knowing what the result that one data cell contributes is secondary. I personally do not want to spend my or staff time searching where to post data. Intuit or community help is equally frustrating searching for input solutions. Ninety-nine percent of returns do not require 99% of the data on a K-1 or other IRS mandated information documents provided to taxpayers. Outside basis is a 1% issue in preparing 99% of tax returns. Simple capital account data retained in the records is necessary and useful for the minority of tax returns that have passthrough investment partnership income.
I presented my issue. If you have a solution, I would love to hear it. I hope Intuit will modify the input paradigm to allow clarity and efficiency to that soulless activity.
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