How do you change recourse debt on the Partners Liabilities Smart worksheet - Line D (TurboTax Business) to non-recourse debt?

[slowstart]

I'm trying to delete Line D in ending column (Recourse) and do see how to do it.

[Anonymous_ · Accepted solution]

I cannot see what is happening on your forms and worksheets, but you should try to remove the liability from Schedule L first.

[slowstart]

Thank you Champ....I followed your suggestion  and was able to delete the entry from schedule L and once that was done the "red boxes on the form indicating errors " immediately went away. I so appreciate you sharing the thought that led to a solution at the end of a long day trying to figure it out. 

[WHAM15146]

THE REPLYS ARE NOT SHOWING UP.

[DawnC]

What replies are you looking for @WHAM15146 ?    If you want to start a new thread (since this is an old question that seems to be resolved), please use the link below.

New Question for the Community

[zoe5327]

There are no liabilities for me to delete, but the smart worksheet still shows a beginning balance of recourse that I cannot edit

[AliciaP1]

You need to change the line on the balance sheet the debt is entered on.

To do this in TurboTax Business you can follow these steps:

1. Within your tax return, under the Federal Taxes tab and Balance Sheet  enter your asset total and click Continue
2. If your assets/income are below the threshold to force the balance sheet, you will need to click No, I want to complete my balance sheet... on the next screen
3. Continue to the Your Reconciliations and Balance Sheet screen and click Edit for the Balance Sheet 
4. Click Quick Entry
5. Click Done on the Enter Your Assets screen and verify your asset balance
6. On the Enter Your Liabilities and Capital screen you need to change the debt listed to Nonrecourse loans
7. Click Done and verify your liabilities and capital total

@zoe5327 

[Tro Taslak]

I don't see where I can do step 6: On the Enter Your Liabilities and Capital screen you need to change the debt listed to Nonrecourse loans

[AliciaP1]

If you've followed the other steps, you will see this screen showing where you need to move the debt amounts to:

@Tro Taslak