@AliciaP1 is who Helped me do you see her response on this thread?
here is a snippet of it:
Also, an LLC cannot report Recourse Debt since the definition of an LLC protects members from being personally liable for company debts. If the partners have guaranteed the debt it should be listed as Qualified Nonrecourse Debt on the same line with Nonrecourse loans. If the debt is accrued liabilities of the company, it should be listed under Other Short-term Liabilities above the Nonrecourse loans.
To correct this in TurboTax Business you can follow these steps:
- Within your tax return under the Federal Taxes tab and Balance Sheet, click Edit for Balance Sheet
- Click Quick Entry
- Click Done on the Enter your Assets screen and verify your ending balance
- (This step was specific to another matter.) SKIP THIS STEP Proceed to next step.
- Move the amount listed in the Other Liabilities section and move to the correct section as per the explanation (above)
- Click Done and verify your ending balance
Hope this helps you too!
