I know in the actual forms, that Recourse is on the K-1. But...... what are the steps to getting to it in Turbo Tax Business Step-by-Step view???? I know I have seen it, but I do not remember where I found it and it is driving me insane. I've spent way too long looking for it.
The search field in the right upper corner does not work in the Step-by-Step View and..... when I try to highlight the Ending Recourse cell in the K-1 Forms view and switch to Step-by-Step, it does not take me to the right place.
Please if anyone knows how I get to it again so I can input a number, please let me know.......
Thanks!
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Recourse Liabilities are entered under the Balance Sheet topic of Federal Taxes. You may need to overstate your ending assets in order to access this topic from the step-by-step interview. Follow the prompts until you come to the page "Any Other Liabilities?" The choices on this page allow you to enter your liabilities.
An easier way to enter these liabilities would be using Forms Mode.
Note that you should edit only numbers that appear in blue. Overriding calculated numbers invalidates the return for e-filing (you will need to mail the return). This is an IRS constraint.
Recourse Liabilities are entered under the Balance Sheet topic of Federal Taxes. You may need to overstate your ending assets in order to access this topic from the step-by-step interview. Follow the prompts until you come to the page "Any Other Liabilities?" The choices on this page allow you to enter your liabilities.
An easier way to enter these liabilities would be using Forms Mode.
Note that you should edit only numbers that appear in blue. Overriding calculated numbers invalidates the return for e-filing (you will need to mail the return). This is an IRS constraint.
Thank you @PatriciaV . Appreciate your response to this and one or two other questions that I have posted. The info helps alot.
Good info too on the blue and black numbers. Makes complete sense that calculated fields can not be changed, but very helpful to know blue can.
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