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Partner information and Schedule K-1
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This article applies to:

  • Product: GoSystem Tax RS
  • Return type: 1065 Partnership
  • Subject: Partners

Enter liabilities for Schedule K-1, item K

To generate Schedule K1, Item K1, Nonrecourse loans and a statement to go with it.
  1. In Organizer, go to
    Balance Sheet and Reconciliation
    Sch L
    Liabilities Alloc
     and select the check boxes to carry the liabilities to the appropriate partners.
  2. You can then nonrecourse loans at by going to
    Balance Sheet and Reconciliation
    Sch L
    Liabilities Detail
    .
  3. Enter
    pass through entity
     and
    name of activity
    . In both locations, you can enter special allocation codes. Coordinate your special allocation codes so that they don't conflict with each other.
  4. Select the tab
    K-1 Line
    , then go to Lines 16-21, Section: Sch K-1 Item K, Partner's Share of Liabilities.
If you use percentages in the special allocation codes, you can use the same allocation code for all non recourse loan entries.

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