You may review & edit this information in Forms Mode. (See How do I switch to Forms Mode in the TurboTax for Windows software?)
Partners' Liabilities are allocated on Form 1065, page 5, below Schedule L "Partners' Liabilities Smart Worksheet" (see screenshot below - click to enlarge).
TurboTax allocates liabilities to all partners based on their year-end profit ratio. The program allocates all other liabilities ONLY to the general partners based on their year-end loss ratio. If you want to allocate the liabilities in a different manner, use the special allocation boxes.
NOTE: Loans from partners on line 19a, column d are treated as recourse debt on line D of the Partner's Liabilities Smart Worksheet.
CAUTION - Limited Liability Companies: Recourse liabilities, entered or calculated to the Partner's Liabilities Smart Worksheet, page 5, line D will NOT be allocated to members unless a special allocation code is entered.
To check the allocation calculations, see the Schedule K Reconciliation worksheet, Lines K-1 K(2) and K(3).Enter a special allocation code ("P" for Profit percentage, "L" for Loss percentage, "O" for Ownership percentage, or any other ) in the column to the left of the amount.
You may review & edit this information in Forms Mode. (See How do I switch to Forms Mode in the TurboTax for Windows software?)
Partners' Liabilities are allocated on Form 1065, page 5, below Schedule L "Partners' Liabilities Smart Worksheet" (see screenshot below - click to enlarge).
TurboTax allocates liabilities to all partners based on their year-end profit ratio. The program allocates all other liabilities ONLY to the general partners based on their year-end loss ratio. If you want to allocate the liabilities in a different manner, use the special allocation boxes.
NOTE: Loans from partners on line 19a, column d are treated as recourse debt on line D of the Partner's Liabilities Smart Worksheet.
CAUTION - Limited Liability Companies: Recourse liabilities, entered or calculated to the Partner's Liabilities Smart Worksheet, page 5, line D will NOT be allocated to members unless a special allocation code is entered.
To check the allocation calculations, see the Schedule K Reconciliation worksheet, Lines K-1 K(2) and K(3).Enter a special allocation code ("P" for Profit percentage, "L" for Loss percentage, "O" for Ownership percentage, or any other ) in the column to the left of the amount.