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GW196
Returning Member

Recourse Debt LLC

Hi

I put cash advances that I expect to be paid back from the LLC into Other Liabilities in 2020. TurboTax coded it as Recourse. This year I put in the new amounts and again it puts the amount in Recourse next to prior year. This time I get an error message: "The program will not allocate recourse debt to LLC members. Either reclassify the debt as nonrecourse or enter special allocation code to indicate how the amount should be allocated."

 

1) How do I tell if I put a code in the prior year?

2) How do I move to non recourse debt?  If I move, do I leave prior year as is?

 

Thank you

 

 

 

 
 

 

 

4 Replies
tagteam
Level 15

Recourse Debt LLC

Are you entering this on your balance sheet or K-1?

GW196
Returning Member

Recourse Debt LLC

I entered on my balance sheet

 

tagteam
Level 15

Recourse Debt LLC

You might have to contact Support on Monday. I cannot seem to reproduce what you are seeing in TurboTax Business.

 

What is the TurboTax phone number? (intuit.com)

GW196
Returning Member

Recourse Debt LLC

I found the amounts listed on the supporting schedules Line 20 stmt. I moved it to non recourse for 2021. I left it as recourse for 2020. 

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