allocating guaranteed payment to one partner in 1065

[ejdtaxman]

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

[dkh · Accepted solution]

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]

👍 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.

[ejdtaxman]

this seems to have worked. thanks

[dkh]

Welcome