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Best Answer Click here
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They can do that if their agreement lets them.
Then you get to do special allocations.
The more I know the more I don’t know.
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Thank you!
I figured they are allowed to do it, I’m just struggling with where in ProConnect to force the program to let me specify that. It seems like other then specifying overall partner % for Profit, Loss and Capital there isn’t a place to allocate separate amounts for the K-1 other deductions box. Any ideas?
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Once you have coded and entered the Other Deduction, you can then go to the Special Allocations tab, which will show a line item for Others.
Click on Others, you will see the Total Available amount on the right. You can choose to either override the allocation by Amount or Percentage.
See this article for detailed instructions of how this works: https://proconnect.intuit.com/community/partnership/help/how-do-i-use-special-allocations-in-proconn...
Still an AllStar
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Thanks so much!
That’s two in one day you helped me with. 😀
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NP, @AdeptAccounting!
Still an AllStar
