@AliciaP1 I am using turbotax business and this question is regarding Part II shareholder debt basis in shareholder basis worksheet.
I have loaned amounts in the range of 5000 to 6000 a year over the last 7 years. There is no special written instrument for these loans and since the amounts are in the range of 5000 to 6000 I am treating these as 7 Open account debts. The shareholder basis worksheet simply says "If more than three debts, see instructions". IRS instruction says "If you have more than three loans, use additional copies of Part II.".
I am trying to figure out how turbotax business supports adding additional part IIs. Although I don't think this is the solution, I tried adding a new shareholder basis worksheet and it says: "NOTE: TO CREATE A NEW SCH K-1, ENTER THE SHAREHOLDER'S INFO ON SCH K-1 WKS" - implying that only one shareholder basis worksheet can be attached to one share holder. So the question is how do I add additional part IIs exceeding three "open account debts" in turbotax business?
