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- How is the Partner's share of liabilities ending balance for K-1 calculated?
How is the Partner's share of liabilities ending balance for K-1 calculated?
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davetodd11
Level 5
09-29-2021
03:17 PM
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I'm taking over a partnership client's returns. I've populated the partners' info in the Schedule K-1 Worksheet. There was a place to enter "Beginning non-recourse liabilities" on that worksheet, but not the ending balance. Cross-referencing the K-1s, Part II, Section K, Ending balance, ProSeries indicates this field populates from the "Partner's Liabilities Smart Worksheet", but I don't find such a worksheet. Is this known by another name?
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PATAX
Level 15
09-29-2021
04:10 PM
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Check to see if that worksheet information is tied into the balance sheet...
davetodd11
Level 5
09-30-2021
01:21 PM
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How do I know if the worksheet info is tied to the balance sheet, and I'm assuming by balance sheet you are referring to the Schedule L Balance Sheet per Books?
Also, I did find the "Partner's Liabilities Smart Worksheet". It was right below the Schedule L. The ProSeries cross-reference tool often provides a link to their referenced material, but not in this case. Would be nice if they were a little more consistent.
