topic Should section L of the K1 created be left blank? in Business & farm

Should section L of the K1 created be left blank?

kingjames1llc — Thu, 06 Jun 2019 14:31:50 GMT

You are asking this from TT Premier so not sure if you ar...

Rick19744 — Thu, 06 Jun 2019 14:31:52 GMT

You are asking this from TT Premier so not sure if you are using TT Business to complete a form 1065 or if you are asking this because that section of your K-1 is blank.

In preparing the form 1065 Schedule B has a number of questions. In particular, question 6 asks about the size of the partnership receipts and assets. If this question is answered "no", then Section L of the K-1 will not be completed.

Many who prepare form 1065 answer this "yes" regardless as this information may be informational to the recipient of the K-1.

Re: You are asking this from TT Premier so not sure if you ar...

lfg2021 — Tue, 08 Mar 2022 02:45:55 GMT

I am having this issue for TT Business 2021. It does not seem that the question 6 is correlated to the 2021 version? Has this question been re-worded?

How can I get section L populated for the TT Business 2021 version?

Any help is appreciated! Thanks!

Neil

Re: Should section L of the K1 created be left blank?

PatriciaV — Tue, 08 Mar 2022 14:17:51 GMT

@lfg2021
The easiest way to include Schedules L, M-1 and M-2, regardless of your partnership's income and/or asset value, is on Form 1065 p1-3.

Go to Forms (icon in the TurboTax header) and click on Form 1065 p1-3 in the left column to open it in the large window.
Scroll down to Schedule B Line 4d. If the box is checked "yes," you are not required to include these schedules.
To include this information, look under Line 4b for Completion of Schedules L etc. Smart Worksheet.
Check the Yes box.
Open Form 1065 p4-5 and scroll down to Schedule L to view/edit the Balance Sheet information.