Schedule K-1 box K Qualified nonrecourse financing

Forum|Forum|6 years ago
February 6, 2020
5 replies
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Using TurboTax Businsess to file 1065 for one Residential Rental Property.

CPA did my 2018 tax return, and in Schedule K-1, box K, he entered values for Beginning and Ending Qualified nonrecourse financing, which correspond to the beginning and ending outstanding loan balance for the rental property, respectively.

So, 2019 beginning financing is the 2018 ending balance, and ending financing is the loan balance as of end of 2019. Where in TurboTax does one enter these values so that they appear in Schedule K-1?

Thank you!

TurboTax Business Windows

Irene2805

Level 15

The easiest way to enter the partners' share of qualified nonrecourse financing is to enter the amounts on the Schedule K in Forms Mode. Please follow these steps:

Go to Forms Mode by clicking the Forms icon in the top right of the blue bar.
In the Forms in My Return list, click Form 1065, p4-5. The form will open on the screen to the right.
Scroll down to the Partners' Liabilities Smart Worksheet (past Schedule L and just before Schedule M-1).
Enter the total amounts of Qualified Nonrecourse Financing in the beginning and ending balance columns.
TurboTax will enter the amounts on the individual partners' K-1s according to the their percentage in the partnership.
To return to the interview, click on the Step-By-Step icon in the top right of the blue bar.