ProConnect HelpIntuit HelpIntuit

Creating a Partner Basis Worksheet in Lacerte

by Intuit• Updated 3 days ago

Lacerte offers the ability to generate the Partner's Basis Worksheets based on the K-1 instructions on page 2. The program completes the worksheet based on available partnership data. This article will help you make adjustments or additional inputs as needed.

Table of contents:

‣ Activating the Basis Worksheets
‣ Making Basis Adjustments
‣ Entering Basis Carryovers
‣ Viewing the Basis Worksheet in Forms

Activating the worksheets:

  1. Go to Screen 9.2, Partner's Basis Worksheets
  2. Select the Partners name from the Partner list.
  3. Enter the beginning basis in Adjusted basis at beginning of year (-1 = none) to activate the worksheet.
  4. Complete the Adjusted basis at beginning of year (-1 = none) for each partner.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

Making Basis Adjustments

For each partner use the Partner Basis Worksheet section on Screen 9.2 to adjust the partners basis:

  • Use the available increases or decreases fields to make adjustment. If a specific field for the adjustment isn't available use the Other increase to basis, or Other decreases to basis to enter the description and amounts.
  • Fields marked with an [O] will override the program adjusted amounts.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

Entering Basis Carryovers

Basis carryovers can be entered on Screen 9.2 for each partner.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

Viewing the Basis Worksheet on the Forms tab.

You can preview the Basis Worksheet for each partner in the Forms tab.

  1. Once the worksheet is activated and entered, go to the Forms tab.
  2. In the State section select US.
  3. In the Form section select Basis Worksheet.
  4. Each Worksheet will have Page 1 and Page 2. Use the Page section to change the page view.
  5. From the Description section select any additional partners you would like to preview the Basis Worksheet for.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

In lieu of a Basis Schedule, the expanded or per partner Capital Account Reconciliation Worksheets can be utilized.

To generate Per Partner Capital Account Reconciliation Worksheets globally:

  1. Go to Settings and select Options
  2. Click on the Tax Return tab and scroll down to Federal Tax Options
  3. In the option Capital Account Recon, use the drop down to make a selection

On a client by client basis, you can chose the type of reconciliation worksheet to generate in Screen 3, Miscellaneous Information.  Select User Option Overrides from the left hand navigation panel.  In the field labeled Capital Account Recon. 1 = condensed, 2 = expanded, 3 = per partner [O], select 1 or 2 to see a more detailed view of how the partner's capital account is being calculated.

Lacerte Tax

Sign in now for personalized help

Ask questions, get answers, and join our large community of Intuit Accountants users.

Dynamic AdsDynamic Ads