Creating a Partner Basis Worksheet in ProConnect Tax

ProConnect Tax 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 worksheets:

1. Go to Input Return ⮕ Partner's Basis Worksheets
2. Select the Partners name from the tabs.
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 Contents

Making Basis Adjustments

For each partner use the Partner Basis Worksheet section 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 [Override] will override the program adjusted amounts.

Back to Table of Contents

Entering Basis Carryovers

Basis carryovers can be entered on on the Partner Basis Worksheet screen for each partner.

Back to Table of Contents

Viewing the Basis Worksheet on the Check Return tab.

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

1. Once the worksheet is activated and entered, go to the Check Return tab.
2. Select the Forms section.
3. In the State section select US.
4. In the Form section select Basis Worksheet.
5. Each Worksheet will have Page 1 and Page 2. Scroll up and down to see both pages.

Back to Table of Contents