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bennawilliams-si
Level 2
November 19, 2021
Question

Can I change how the Current year net income (loss) is allocated between partners on the Schedule K-1?

  • November 19, 2021
  • 3 replies
  • 24 views
The software is incorrectly allocating the Current Year Neet Income/(Loss) on each partner's Schedule K-1, Item L. How can I fix this?
    This topic has been closed for replies.

    3 replies

    sjrcpa
    sjrcpa
    Level 15
    November 19, 2021

    The software is allocating it based on the P&L percents you entered. So either correct those or look for a place to do Special Allocations.

    The more I know the more I don’t know.
      George4Tacks
      George4Tacks
      Level 15
      November 21, 2021

      Partner Information > Partner Basis Statement (there are overrides there)

      Answers are easy. Questions are hard!
        bennawilliams-siAuthor
        Level 2
        November 23, 2021

        Thank you for responding! However, the basis worksheet is fine. The current year net income (loss) on Schedule K-1, Part L is not allocating correctly for either partner. I think it is allocating the entire GP to one partner. Any ideas on how to fix this?

        Thank you!!

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