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

davetodd11
Level 5
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?
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2 Comments 2
PATAX
Level 15

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

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davetodd11
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.

 

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