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Schedule K-1 Partner Information

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Level 1

Where can I enter partner information from J,K, and L of the K-1 into ProSeries Professional for an individual return?

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Moderator
Moderator

The Schedule K-1 Worksheet in the 1040 return does not have data entry fields for those lines. That informaiton would be for your records. 

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Level 3

In the ProSeries program, using the Schedule K-1 worksheet, you will find all the necessary line items to be able to "input" the information from Schedule K-1 received, which will then "flow" to the appropriate lines on the tax return, Sch E and the like.  You mention J, K and L of the K-1, are you looking at supporting statements or the actual K-1 provided by the client? 

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Level 1

Looking at the actual K-1, Partner information section--these include the partner's share of profit, loss, and capital, partner's share of liabilities, and partner's capital account analysis. This is in Part II of the K-1. In ProSeries there is a small section for Part II the entry worksheet but nowhere to enter these details. See below:Capture.PNG

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Moderator
Moderator

The Schedule K-1 Worksheet in the 1040 return does not have data entry fields for those lines. That informaiton would be for your records. 

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Level 1

What about Box L, capital contributed, current year net income or loss, and ending capital account?

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Moderator
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Those may come into play if there are any sort of basis limitations on losses that need to be accounted for. ProSeries does not have a worksheet for Basis Limitations but this article shows you how you can track that if the taxpayer does have basis limitations. 

https://proconnect.intuit.com/community/help-articles/help/proseries-partnership-schedule-k-1-worksh...

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