I am completing schedule K-1, box K in TurboTax Business Software.
When I enter the mortgage under the step-by-step questions on the Balance Sheet, TT assumes that the loan is nonrecourse. All partners are guaranteeing the loan. TT populates the Qualified Nonrecourse Financing box.
In the step-by-step, there is no question for recourse liabilities. If I manually enter into the 1065 Schedule L, it populates the Recourse section of the Partnership Liabilities Smart Worksheet, but that isn't flowing through/populating the individual partner's K-1 for recourse liability. Nothing shows up in the Partner K-1 liabilities. I can't override any of the amounts on the partner's K-1. How can I input a Recourse Liability to report on the partner's K-1s?
Thanks.
