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How to report BASIS for a Partnership K-1

hcliston
Level 3

Hi --

I have a very simple K-1 for a partnership. 

1. Is there somewhere in ProSeries where I can enter the Box L information ("Capital Contributed" and "Ending Capital Account")?

I understand I'm supposed to be tracking the client's basis, so I'd expect to find a place for this but I can't.

2. Box J: Is there somewhere in the ProSeries K-1 worksheet where I can record the "Partner's Share of profit, loss, and capital"?

Thank you!

 

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Just-Lisa-Now-
Level 15
Level 15
Nothing included in the return for tracking, we've all been asking for it forever though!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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4 Replies 4
Just-Lisa-Now-
Level 15
Level 15
Nothing included in the return for tracking, we've all been asking for it forever though!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

View solution in original post

hcliston
Level 3

Thanks a lot, Lisa. That's very helpful. And fast!

PHLcpa
Level 1

Hi.

I am dealing with the same issue as to where I can add K-1 Basis information into Proseries Basic. Is that really the only answer that ProSeries does not handle this information? No offense, but that's not an acceptable answer. Neither is that Proseries Basis does not include Form 6198. You have to go to Proseries Professional to get that form.

It doesn't seem right that neither of these is part of the software.

Does anyone have a workaround?

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sjrcpa
Level 15

Create your own basis schedule in Excel.

 


ex-AllStar
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