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Entering guaranteed payments for partners on Form 1065 in ProSeries Professional
by Intuit• Updated 7 months ago
This article will assist you with entering guaranteed payments for partners on Form 1065 in Intuit ProSeries Professional.
Follow these steps to enter guaranteed payments to partners on Form 1065:
- Go to Form 1065, p1-3.
- Scroll down to page 1, line 10 - Guaranteed payments.
- Enter the total guaranteed payments made to partners in the Guaranteed Payments Smart Worksheet located above line 10.
- These figures will transfer to Form 1065, page 3, Schedule K, line 4.
- ProSeries will then apportion these payments to each partner according to the percentage selected on the Partnership Information Worksheet (profit/loss/ownership).
- If you don't want to apportion by percentage, you can use special allocation by going to Form 1065 p4-5, locating the Schedule K section, and entering the following letters in the Special Allocation code column:
- Guaranteed payments for services: T
- Medical insurance premiums paid: U
- Guaranteed payments for use of capital: V
- From the left of the screen, select Sch K-1 Wks under Common Forms.
- This will open the Schedule K-1 Worksheet.
- On lines T, U, and V, you can enter the dollar amount you want to allocate to each partner.
- From the left of the screen, select Sch K Reconcile under K&K1 Info.
- Review the Schedule K Reconciliation Worksheet to check your figures.
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