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How to enter special allocations to partners on Form 1065 in ProSeries
by Intuit•1• Updated 3 weeks ago
ProSeries allows you to enter special allocations of any item of Schedule K income, gain, loss, deduction, or credit. Schedule K items may be specially allocated to partners by amount or by ratio. Decide whether to allocate by amount or ratio and follow the instructions in this article.
For more Schedule K-1 resources, check out our Tax topics page for Schedule K-1 where you'll find answers to the most commonly asked questions.
This article will help you:
- Understand how to enter special allocations to partners on Form 1065, Page 4, Schedule K.
- It's also possible to enter special allocations on Form 1065, Page 5, Schedule M-1 and Schedule M-2, and on the Schedule M-1 Items Worksheet. The process outlined in this article is the same for each.
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