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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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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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