allocating guaranteed payment to one partner in 1065

Forum|Forum|5 years ago
April 21, 2021
1 reply
15 views

I have a 1065 where only one partner received a guaranteed payment, but I cannot understand how to specify that only they received it.

The instructions were incredibly oblique and not helpful.

Right now the program is spreading the payment among all 3 partners which messes up the capital accounts.

Anyone with any suggestions how to fix this PLEASE???

thanks

ProSeries Professional

This topic has been closed for replies.

Best answer by dkh

Go to the Schedule K1 Worksheet where the Partner info is entered. Use the Special Allocations by Amount (A B C D) at bottom right of box. Enter amount for each Partner. Then go to Schedule K (page 4) Line 4 a and enter the letter A in the Special Allocation column.

dkhAnswer

Level 15

Go to the Schedule K1 Worksheet where the Partner info is entered. Use the Special Allocations by Amount (A B C D) at bottom right of box. Enter amount for each Partner. Then go to Schedule K (page 4) Line 4 a and enter the letter A in the Special Allocation column.

PATAX

Level 12

👍 dkh, also in addition to what dkh said you may also want to check the state K1 worksheets to make sure that that state is correct.. just my opinion.

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