Line K on K-1

Forum|Forum|2 years ago
January 29, 2024
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This is the second year this has happened to me, both 2022 and 2023 Turbo Tax for Business. I'm finished with all of my entries but then I get an error message saying "Sch K Reconciliation Report (Lines K-1 K3 Items L Net Inc): Blah Blah Blah .... in summary it says that I don't have anything in Line K for the partner share of Liabilities Beginning and Ending. It shows me a screen, which I cannot edit, and there is no place to put the Beginning and Ending Liabilities for each partner. Why can't Turbo Tax correct this feature? Looks like I'll have to return the program again this year.

TurboTax Business Windows

PatriciaV

Employee

Partner Liabilities balances are entered under Business Info >> Partner/Member Information. You'll need to work through each partner separately to find the input screen.

Also, you can use Forms Mode to open Sch K-1 Wks, where you can enter this information directly for each partner. Liabilities appear in the left column. Note this form has an internal navigation bar on the right side to move between the partner records.

Additional Info: How do I switch to Forms Mode in the TurboTax for Windows software?

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mwise3

Patricia,

Thank you, however, that only gets me to the "Beginning Liability" numbers not the "Ending Liability" I have my liabilities under "Other Liabilities" and I thought that would report directly to the K-1 in the appropriate section but when I run my error report it still indicates there are liabilities missing on the Schedule K Reconciliation, which I can't access or input from the error screen. Help!

PatriciaV

Employee

Open Form 1065 p5-6 and scroll down to the Partners' Liability Worksheet under Line 22. Here you can review, edit, or specially allocate the liabilities that appear on Line 22. Direct input is supported only for boxes shaded in yellow. If a number or box turns red, you will have an error on that form.

Other Liabilities on Line 20 are allocated to general partners based on year-end loss ratios.

@mwise3

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