Partner basis in proseries

Dear ProSeries user:

For future reference, you can consult www.proseries.com/support (also accessible through the ProSeries program in the options toward the bottom the of Live Community window). For your particular situation, searching the database for the following might have helped you: Does the ProSeries Program Keep Track of Shareholder Basis?

Please consult the article mentioned and hopefully this will help you solve the issue.

Thank you for using ProSeries!
 

Yep.  The 1065 package has an excellent Partner's Basis Statement.  I don't think the 1040 program has an equivalent schedule, though

Thanks, I was in the 1040 and have 7 large 1065 k-1's that I need to be able to track.

Archie - I have a really stupid question.  Based on a question the other night  it was said that the person that prepares the 1065 doesn't need to know the basis, so why would it have that in the program for the 1065 package but not the 1040 package.  Maybe I shouldn't be trying to think about this, but I am.

I think that's an excellent question, and I don't think Intuit can give you a credible answer.  The 1120S program also has a good basis tracking worksheet.  On the 1065's and 1120S's that I prepare, everyone who gets a K-1 also gets a Basis Statement.  Of course, that's only inside basis, there's no way the 1065 or 1120S preparer can be certain of outside basis.  The more I think about it the more I believe that there is really no excuse for the 1040 not to be able to import this data, just as it imports the K-1.

Thanks Archie.  I do returns for about 5 clients that receive K1's (I don't prepare the K1's)  and have never seen a basis statement attached.  Obviously, it's something that I need to be tracking so I'll be sure to figure out their basis and start tracking it,

Get started early!  I have a 4-person oil and gas partnership, several million $ a year going through it.  They've been a partnership since 1974, added a partner, subtracted two partners, and then became my client in 1999.  Prior to that time, I have most of the tax returns, but no basis records at all.  I get a stomach ache thinking about what will happen (to me) when one of these guys dies.

I have 3 clients that receive k-1's and I have to track their basis on a spreadsheet for the 1040 program. While there are notes you can add to the K-1 worksheet in the 1040 version the spreadsheet seems to work better for me

Thanks for the tips and input guys.  Thankfully, mine are very small partnerships - nothing large and the partnerships are fairly new.  So, if I get a new client with a K1 I should find out from them if they have any type of basis statements for prior years.  Since I don't prepare partnership returns I was under the (wrong) assumption that the person preparing them kept track of inside basis.

 Lacerte, on the other hand, will not produce a basis schedule in the 1065 package (although the one in the 1120S is extremely useful).  The 1040 basis worksheet is nice, though.