1065 K1 Other Adjustments Notes Not Printing

Forum|Forum|3 years ago
April 2, 2023
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I have an LLC with 23 investors. I have added adjustments to the Basis using the Other Adjustments field on the K1 Worksheet.

When I print (or save to PDF) the K1 to PDF these adjustments are not printing on the K1 and the Notes are not printing as a separate page. There is a check box to check for the Note NOT to Print, but I have not checked it.

How do I get the adjustments and the notes to print both on the K1 Schedule L and as supplement notes?

TurboTax Business Windows

RJMaickiAuthor

Here is the Notes screen

PatriciaV

Employee

To include Schedule L on the K-1's, check the "Yes" box on Form 1065 p1-3 under Line 4d "Completion of Schedules L, M-1, M-2..."

To add increases or decreases to partner capital accounts, go to Form 1065 p4-5 Schedule M-2 Line 4 (increases) and Line 7 (decreases). The amount you enter here will be allocated to Schedule K-1 according to the ownership percentages entered under Member Info. These adjustments will not appear on the TurboTax Sch K-1 Worksheet until next year.

In order to print an Additional Information sheet, enter the description and amount on each Schedule K-1 under Line 23 in the Supplemental Information Smart Worksheet.

The final result will be an adjustment on Schedule K-1 Part II L (Capital Account) and a separate statement of Additional Information as entered on the worksheet. The Smart Worksheet will also be included but can be deleted.

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RJMaickiAuthor

Patricia V ... this is very helpful.

The adjustment amount is not based on ownership, the adjustment is unique to investor ... I assuming it looks like I can use a Special allocation to spread the adjustment as appropriate to the investors. It looks like this will work to make the adustment .... do you agree?

As note: In essence, I am trying to correct for a the initial book basis to tax basis. In the initial calculation I included the Guarranteed Payments as part of each investors basis calculations, the new calculation ties cost of GPs to only those who did not receive GPs. I think that is the correct adjustment