ProConnect HelpIntuit HelpIntuit

Common questions for the Partnership Schedule K-1 Worksheet in ProSeries

SOLVEDby IntuitProSeries Basic25Updated August 11, 2021
  1. Open the Schedule K-1 Worksheet Partnerships.
  2. Scroll down to line 20 Other Information. 
  3. Right below line 20, you'll see: QuickZoom to enter unreimbursed partnership expenses (UPE). Click on the QuickZoom.
  4. Enter any unreimbursed partnership expenses on the applicable lines.

ProSeries does not support the calculation or track basis limitations in the 1040 formset however there are some tools available to help you enter and track this yourself.

  1. Open the Schedule K-1 Worksheet Partnerships.
  2. Scroll down to Part III Shareholder's Share of Current Year Income, Deductions, Credits, or Other Items.
  3. Determine which line the basis limitation applies to Ordinary Business Income (loss), Net rental real estate income (loss), or Other net rental income (loss).
  4. Right-click on the line and choose Supporting Statements.
  5. Enter a description on the first line and the original loss as a negative number.
  6. Enter a description and a positive adjustment amount to reflect the basis limitation.
  7. Click Close.

Note: To track the Basis Loss limitations through the years, create a Miscellaneous Statement and enter the information that needs to be tracked.

When you have more than one type of activity for the Schedule K-1 you can only enter one activity type per K-1. If you try to enter more then one you will receive the following error:
Box 2 has an amount as does either box 1 or 3. Use separate K-1 Worksheets to report entries on more than one of boxes 1 through 3. Use "delete" to remove the entry.

To resolve this error:

  1. Create one K-1 Worksheet per activity type needed. If you have values on lines 1, 2 and 3 you would need 3 Schedule K-1 Worksheets.
  2. Duplicate the information from Part 1 of the Schedule K-1.
  3. Enter the income (loss) for this activity on line 1, 2 or 3 as well as any associated entries from lines 4-20.
  1. Open the Partnership Schedule K-1 Worksheet.
  2. Check to be sure box D is checked indicating this is a publicly traded partnership.
  3. Scroll down to the Final/Amended section.
  4. Check the box for Partner sold or otherwise disposed of entire interest in the partnership in 2020 and click on the the QuickZoom button.
  5. Under Part II, Disposition of Partnership Interest complete lines 1-12 where applicable.
  6. If you have a special reporting situation the below will provide extra guidance on how to enter those.

If you received a Form 1099-B for the sale:

  1. Enter a sales price of zero on line 5.
  2. Enter a basis of zero on line 7.
  3. Open the Schedule D.
  4. Enter the disposition information under Sales of Capital Assets.

If you are required to report an ordinary gain from the transaction:

  1. Open the 4797 page 1.
  2. Scroll down to the Sales of Busines Property Smart Worksheet.
  3. Enter the description of the transaction in Column A.
  4. Enter the amount of the gain as the sales price in Column D.
  5. Enter zero for the cost or basis in Column F.
  6. Choose II from the drop menu in Column H to report the transaction in Part II, line 10.

If you are required to report an ordinary loss from the transaction:

  1. Open the 4797 page 1.
  2. Scroll down to the Sales of Busines Property Smart Worksheet.
  3. Enter the description of the transaction in Column A.
  4. Enter the amount of the loss as the cost or basis in Column F.
  5. Enter zero for the sales price in Column D.
  6. Choose II from the drop menu in Column H to report the transaction in Part II, line 10.
  1. Open the Partnership Schedule K-1 Worksheet.
  2. Scroll down to the Final / Amended section.
  3. Check the box for Final K-1.
  4. Check the box for Partner sold or otherwise disposed of entire interest in the partnership in 2020 and click on the the QuickZoom button.
  5. Under Part II, Disposition of Partnership Interest, line 1c,  check the box Check if sold on installment basis
  6. Do not enter any additional sale information on this worksheet.
  7. Double click on the field Double click to link to Form 6252 for installment sales.
  8. If you have already created a 6252 for the sale, pick that one, if you have not created a 6252 for this sale enter a description for the sale and choose Link.
  9. Open the 6252 and enter the remaining sale information there.

Related topics

Was this helpful?

You must sign in to vote, reply, or post
ProSeries BasicProSeries Professional

Sign in for the best experience

Ask questions, get answers, and join our large community of Intuit Accountants users.