I am completing K1 forms for 2 partners (50%/50%) as part of an LLC form 1065. If a dollar amount is odd, can i give one partner $1 more than the other partner ?

OR do the 2 K1's have be exactly 50/50 which means the amounts have to show 50cent rounding

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1 Best answer

Level 15

Aug 14, 2020 12:59:52 PM

You should not encounter any issues with one partner being allocated one dollar more than the other.

Level 15

Aug 14, 2020 12:59:52 PM

You should not encounter any issues with one partner being allocated one dollar more than the other.

Level 15

Aug 14, 2020 2:45:58 PM

One of the partners should be designated as the "rounding" partner ... look in the partner info section.

Level 15

Aug 14, 2020 3:02:17 PM

@Critter-3 wrote:

One of the partners should be designated as the "rounding" partner ... look in the partner info section.

I believe you have to select the option in Forms Mode on the Information Worksheet (see screenshot).