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Returning Member
posted Mar 26, 2024 6:11:49 PM

Distributions to a withdrawing partner

I am not able to post the distributions to the withdrawing partner who sold his shares in October.  It never lets me go to the partner capital page like the other partners.  Is there a way to record the distributions this partner received through October?

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2 Replies
Expert Alumni
Mar 27, 2024 7:44:16 AM

Yes, in TurboTax Business, you can enter distributions for any partner on the Schedule K-1 Worksheet using Forms Mode.

 

  1. Open your return and click the Forms icon in the TurboTax header. 
  2. In the list of Forms in My Return on the left, scroll down and look for Sch K-1 Wks
  3. Click the form name to open it in the large window. 
  4. This form has an embedded scroll bar on the left that allows you to move between partners.
    Scroll down to the partner you need to work on.
  5. Enter distributions of cash and/or property on the left column under Capital (Basis is greyed out).
  6. Click Step-by-Step in the header to return to the main screens.

Returning Member
Mar 29, 2024 3:12:42 PM

Thanks for your help.  I had already done that but the M-2 reconciliation does still not show the right total.

Also, turbo tax should just have the option to include distributions to partners that are selling their interest in the partnership membership information.  The program did not go to the same screen as the other partners.  This would of alleviated the whole problem.  Thanks for your help.