Partner Allocation Percentage Worksheet doesn't match K-1 in Lacerte

The Partner Allocation Percentage worksheet is designed to use the amounts entered in Screen 8, partner percentages.

When using Automatic calculation of partner ending capital percentage, Lacerte uses the Capital Account Reconciliation worksheet to determine the percentage shown on the K-1. This can cause differences when the calculated amount doesn't match the manually entered amount.

To make the two forms to match, you can either:

• Update the values in Screen 8, Partner Percentages, to match the calculated amount.
• Turn off the automatic calculation for Partners' ownership of capital

Update the values in Screen 8:

1. Open the client to the Forms tab
2. Select Sch K-1 in the forms list
3. Make a note of the Ending percentage for Capital
4. Select the Detail tab
5. Select Screen 8, Partner Percentages
6. Enter the ending percentage in the Ownership of Capital column in the Ending section
7. Repeat for each partner

Turn off automatic calculation for just this client:

1. Open the client to the Detail tab
2. Select Screen 3, Miscellaneous Information
3. In the left pane, select User Options Overrides
4. Enter 1 in the Partners' ownership of capital: 1=manual, 2=automatic [O] field

Turn off automatic calculation for all clients:

1. Select the Settings menu
2. Select Options
3. Select the Tax Return tab
4. In the Section list, select Federal Tax Options
5. Change the Partners Ownership of Capital setting to Manual
6. Select OK