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sac47992
Level 2
08-20-2020
05:14 PM
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Partnerships.
Does ProSeries have capability to enter each partner's individual income/expenses under one partnership.
Scenario: 1 partnership, 4 partners, all have 25% each, but each has their own gross income and expenses. Is there an option in ProSeries to enter each individual partner's income/expenses, keeping it all at 25% each and then having a K1s printed with individual net income (as all had different gross/expenses)?
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TaxGuyBill
Level 15
08-20-2020
06:27 PM
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Is this really a Partnership? It sounds like 4 separate Sole Proprietorships.
sjrcpa
Level 15
08-20-2020
07:27 PM
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If it is a partnership they are doing allocations by formula. Does the Operating Agreement provide for this?
You would need to Specially Allocate everything. What a pain in the tuchus.
The more I know, the more I don't know.
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