Where can I enter partner information from J,K, and L of the K-1 into ProSeries Professional for an individual return?
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The Schedule K-1 Worksheet in the 1040 return does not have data entry fields for those lines. That informaiton would be for your records.
In the ProSeries program, using the Schedule K-1 worksheet, you will find all the necessary line items to be able to "input" the information from Schedule K-1 received, which will then "flow" to the appropriate lines on the tax return, Sch E and the like. You mention J, K and L of the K-1, are you looking at supporting statements or the actual K-1 provided by the client?
Looking at the actual K-1, Partner information section--these include the partner's share of profit, loss, and capital, partner's share of liabilities, and partner's capital account analysis. This is in Part II of the K-1. In ProSeries there is a small section for Part II the entry worksheet but nowhere to enter these details. See below:
The Schedule K-1 Worksheet in the 1040 return does not have data entry fields for those lines. That informaiton would be for your records.
What about Box L, capital contributed, current year net income or loss, and ending capital account?
Those may come into play if there are any sort of basis limitations on losses that need to be accounted for. ProSeries does not have a worksheet for Basis Limitations but this article shows you how you can track that if the taxpayer does have basis limitations.
Did you ever figure it out? I'm running into the same issue.
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