How is the Partner's share of liabilities ending balance for K-1 calculated?

Forum|Forum|4 years ago
September 29, 2021
1 reply
10 views

I'm taking over a partnership client's returns. I've populated the partners' info in the Schedule K-1 Worksheet. There was a place to enter "Beginning non-recourse liabilities" on that worksheet, but not the ending balance. Cross-referencing the K-1s, Part II, Section K, Ending balance, ProSeries indicates this field populates from the "Partner's Liabilities Smart Worksheet", but I don't find such a worksheet. Is this known by another name?

ProSeries Professional

This topic has been closed for replies.

PATAX

Level 12

Check to see if that worksheet information is tied into the balance sheet...

D

davetodd11Author

Level 5

How do I know if the worksheet info is tied to the balance sheet, and I'm assuming by balance sheet you are referring to the Schedule L Balance Sheet per Books?

Also, I did find the "Partner's Liabilities Smart Worksheet". It was right below the Schedule L. The ProSeries cross-reference tool often provides a link to their referenced material, but not in this case. Would be nice if they were a little more consistent.

Sign up

Login with SSO

Let's get you signed in

Login with SSO