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Entering partners for Form 1065, Schedule B-1 in ProConnect Tax

by ProConnect Tax Online Updated 7 months ago

When entering partner information and percentages on Form 1065, the same partner may display multiple times in Schedule B-1.

Why Form 1065, Schedule B-1 lists the same partner multiple times:

Form 1065, Schedule B-1 pulls data from 2 places:

  • Partner name entries made in Partner Information, Quick Entries: Partner Percentages.
  • Entries made in General, Other Information (Schedule B).
    • You should only use Other Information (Schedule B) in cases where a name you intend on listing isn't entered as a partner on the Partner Information screen.

Follow these steps when a partner's name appears multiple times on Schedule B-1:

  1. Under Input Return, select General.
  2. Select Other Information (Schedule B).
  3. Remove the corresponding information from the field labeled List any individual or estate that owns 50% or more of the partnership at year end (Question 2b).

When a different maximum ownership percentage is required:

  1. Under Input Return, select Schedule K-1, then Schedule K-1 Miscellaneous.
  2. Under section 1065 Schedule B, Lines 3a, 3b, enter the correct ownership percentage in Maximum percentage owned [Override].
  3. Enter the correct country in Country [Override].
  4. Apply the same steps for each partner.

 For example, a husband and wife each own 50% of a partnership. On Schedule B-1, you can use the Schedule K-1 Miscellaneous to show they each own 100% due to their relationship.

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