Hi. I'm working on 1065 now with TurboTax Business. I entered end of year credit card balance and opening bank balance to the Liabilities and now balance sheet is in balance: Asset = Liability + Capital. But I get the message below in the Federal Review step. How can I reclassify or reallocate those? Thank you in advance for any advice.
Form 1065 p4-5: Rec liabilities-End: Other liabilities The program will not recourse debt to LLC members. Either reclassify the debt as nonrecourse or enter a special allocation code to indicate how the amount should be allocated.
