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posted Mar 6, 2024 2:01:42 AM

Can I enter Section 754 depreciation and allocate it entirely to one partner in TurboTax Business Desktop ?

I have entered the amount on the partner's K-1 worksheet under Special Allocations line A, but the amount does not show up on the partner's K-1 report.

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1 Replies
Expert Alumni
Mar 6, 2024 6:18:26 AM

Did you add the special allocation code on Form 1065 p5-6 Line 13(e)(C)? The box to the right of the amount is for the allocation code.

 

Also, be sure you activated Special Allocations in step-by-step under Business Info tab >> About Your Business >> Makes special allocations. 

 

Learn more about Special Allocations: 

  1. Go to Partner/Member Information and click Done at the bottom of the Member Summary page.
  2. Continue to the page "How to Enter Special Allocations" and click "See Demo" at the bottom.
  3. Follow the example for Special Allocation by Amount.
  4. To confirm the allocations, open Statement A (Page 1) for each partner to see how your entry is being allocated.