Passthrough K-1s Improvement
I am in the process of transferring a partnership tax return from Drake Tax Software to Lacerte.
My client is a partnership that is a partner in other partnerships. When entering the K-1 information, Drake tax software has an option to check a box for "This partner is a limited partner". On Sheet 23, Passthrough K-1s, Lacerte does not have that option. By checking that box and identifying the client as a limited partner, the Ordinary Business Income Income/Loss from Line 1 of the K-1 is transferred to Schedule SE, after being adjusted (lowered) by such amounts allocated to limited partners. The net amount then appears on Line 14a, Schedule K of Form 1065 on page 5.
I would greatly appreciate this change being made.
Thank you.
Art Chianese
