New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

Where do I enter liabilities for Schedule K-1, item K?

Answer

UltraTax CS defaults liabilities from Screen L in the Balance Sheet folder, other than those entered in the All nonrecourse loans field, as recourse liabilities at-risk. Liabilities entered in the All nonrecourse loans field default to nonrecourse at-risk. Use the Liability Classification field in the statement dialog for these fields to designate a different liability classification. UltraTax CS adds these liabilities to the liabilities from passthrough entities in Screen K1 and then transfers the total amount to Schedule K-1, item K and to the Partner's Basis Worksheet.

Use the Force fields in the Partner Share of Liabilities section in Screen SepK in the associated activity to use an amount different from the amount UltraTax CS calculates on Schedule K-1, item K and on the Partner's Basis Worksheet.

Related topic: Partner liabilities FAQs (1065)

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