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If 2 partners left the company near the end of the yr, how do I enter their ownership? Do I enter what their percentages were MOST of the year, or just end of the yr?

The 2 partners started the year as 25% partners. They left the company at the end of September.
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1 Reply
RobertB4444
Employee Tax Expert

If 2 partners left the company near the end of the yr, how do I enter their ownership? Do I enter what their percentages were MOST of the year, or just end of the yr?

When you enter the partnership information into TurboTax the system will ask if you had a "change of ownership".  You will answer yes.  Then, when you are entering the information about the partner, you will check the box that says 'The partner left the company this year'.  

 

After the partner information is entered the system will ask about the change of ownership and request a date.  Then you'll have to enter each partner's percentage of ownership before the date and after the date.  TurboTax will then create a weighted average of those percentages for this year and indicate the change in ownership on the K1s.  When you go to file the 2025 return the new partnership information will already be entered for you.

 

@emichelle2000 

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