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How to enter partner allocation percentages in ProConnect Tax
by Intuit• Updated 1 week ago
To enter partner's percentages:
- From the Input Return tab, go to Partner Information ⮕ Partner Percentages.
- Enter each partner's beginning and ending percentage of Profit sharing, Loss sharing, and Ownership of capital.
To override partner's percentages on the K-1's:
- From the Input Return tab, go to Schedule K-1 ⮕ Schedule K-1 Miscellaneous.
- Select Partner in a Partnership from the tabs at the top.
- Scroll down to the Schedule K-1 allocation percentage (xx.xxxxx) [Override] field located above the K-1 Statement Allocation Percentage subsection.
- Enter the amount in xx.xxxxxx format.
- If you use this field for one partner, it must be used for all partners. You must enter -1 for partners receiving no distributions.
- Repeat steps for each partner.