I am trying to allocate partnership income on a basis different than ownership?. I have entered the weighed average percentages and checked the box to use them?

What kind of difficulty are you experiencing?

I cannot get the correct allocations to show up on the K-1’s. I have tried to do everything I could that was available to read. It continues to pick up the ownership percentage. Thanks for any help!

Without access to your return, it's hard to tell what could be causing the problem, but if you follow the steps below you can allocate partnership income according to something other than ownership percentage (like profit percentage).

1. Click on the Business Info tab and then click Partner/Member Information.
2. If you wish to edit any of the partners' personal information or indicate that they left the partnership during the year, click on Edit next to the Partner's Name. 
3. Click Done.
4. After a few screens you will come to Profit Percentages.  Mark the box The partner loss or ownership percentages are different from their profit percentages.  Click Continue.  
5. On the next Profit Percentages screen, you will see the Additional Special Allocations and Weighted Average Worksheet.
6. The date(s) of ownership change will be listed.  Under the dates there is a checkbox to allocate Schedule K amounts by  Weighted Average Percentage.  Check this box.  
7. In the Weighted Average Computation section, enter the Profit, Loss, and Ownership percentages for each partner before and after the ownership change.  Use the scroll bar to get to each partner.  
8. Click Continue when finished.

The income should now be allocated on a Profit percentage basis.

[Edited | 3/20/2020 |  12:59 pm PDT]

Did this work?  I am having a similar problem, where I have the same profit and capital allocation, but a different loss allocation.  We are in a cumulative loss position, but it is trying to split the loss according to the capital.

Anyone reading this thread and wanting to do the same needs to be extremely cautious.

Allocating income or loss based on anything other than their interest in the partnership is a risky venture.

In order to do this, the allocation needs to be able to pass what the regulations call "having substantial economic effect".  These regulations are extremely complex.

Should you win the audit lottery, it is doubtful that anyone preparing their own tax return would be able to support this type of an allocation.  As a result, the IRS would then default to the default allocation which is known as PIP; partners interest in the partnership.

Mostly completed my taxes. Realize that i had incorrect partnership allocation. Going back into the rental income section and trying to reallocate was not possible because the reallocation is not addressed (or required) for the revision of the allocation percentage. Is there a easy way to do it?

I have similar question, and tried to follow the instructions step by step... however I cannot find the "Profit Percentages" in Turbotax. Could you please guide me through where to find the "Profit Percentages" so that I can allocate the profit share % which is different from the ownership %. Thanks!