jbmiller03
Level 1
02-07-2021
08:33 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
ProSeries Software Question on the K1 conversion to tax basis.
I kept the previous K1s on GAAP basis. For 2020, I have filled out the Schedule L and Schedule M-1 with GAAP basis information as I have done in the past. If I then go to the K-1 worksheet to adjust the capital account to tax basis, I receive an error on the Schedule L and M-2. ProSeries is also putting book income instead of tax income in Section L of the K1. Is there something in the software to fix this issue or do I have to fill out the Schedule L with tax basis information.
Labels