A New 1065 Client and Updating the Schedule K-1

[kathleen4]

I am trying to match the information to match the prior return for the following items and I am having no luck.

1. Entity type - they are a Trust and I don't see that option.

2. Beginning Capital - the allocation by percentage calculation in Proconnect is different than shown on the last K-1, how can I update that amount by partner?

3. Same thing with the share of recourse, it need to be adjusted by each partner and the software is calculating a different amount.

[George4Tacks · Accepted solution]

1. It is a Fiduciary return

2. https://accountants.intuit.com/support/en-us/help-article/form-1065/use-special-allocations-proconne...

3. See #2