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raym2612
Level 3
June 14, 2021
Solved

Guaranteed Payment Allocated to COGS

One partner performs the day to day work for the farm and is receiving guaranteed payments for the service. The service should be allocated to COGS. If I have it recorded in COGS and as guaranteed payment the it is double counted. Any way to have the payment be part of COGS and link that to the K-1?

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PhoebeRoberts
PhoebeRobertsAnswer
Intuit Community Champion
June 14, 2021

Enter it in the field called Guaranteed Payments Capitalized, not the Trade or Business section of Guaranteed Payments.

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2 replies

PhoebeRoberts
PhoebeRobertsIntuit Community ChampionAnswer
Intuit Community Champion
June 14, 2021

Enter it in the field called Guaranteed Payments Capitalized, not the Trade or Business section of Guaranteed Payments.

    raym2612Author
    Level 3
    June 14, 2021

    Thank you!

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