K-1 received from a lower tier LLC appropriately reports partner's share of qualified nonrecourse financing liabilities. TTax throws error when added to smart liab wksht.

Partners' smart liabilities worksheet wants liabilities to equal upper tier LLC's balance sheet liabilities, but lower tier liabilities need to pass through upper tier LLC to individual LLC members for basis purposes. How do I get around this unnecessary requirement to match upper tier balance sheet?

16293

Level 15

Sep 14, 2024 12:04:44 PM

New Member

Sep 14, 2024 12:19:32 PM

Not sure how/why forum tagged this under TTax Online. This is relative to TTax Business - Desktop. Thanks.

Level 15

Sep 14, 2024 12:23:15 PM

I believe that's just the default (i.e., if you don't make a selection).

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K-1 received from a lower tier LLC appropriately reports partner's share of qualified nonrecourse financing liabilities. TTax throws error when added to smart liab wksht.