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Business Taxes 1065 Page 5 Profit Under Limited Partner not General Partner? How to change?

On page of the 1065 form. On Question two, in the individual (active) boxes, my profit should go under General partners but it is defaulting to Limited Partner, how do I change this?  Last year it was fine, I didnt do anything different so I am not sure what happened. issue taxes limited general.png

 

 Same problem another user had: https://ttlc.intuit.com/community/business-taxes/discussion/irs-form-1065-schedule-k-analyses-of-net...

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5 Replies

Business Taxes 1065 Page 5 Profit Under Limited Partner not General Partner? How to change?

Unless you post the specific selections you made during the Step-by-Step interview, you might be better off contacting Support (link below) so you can work through the exact process together.

 

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

Business Taxes 1065 Page 5 Profit Under Limited Partner not General Partner? How to change?

there are two members

 

member 1 owns 100% of everything ex. profit, loss, etc. and is listed as a General member/ manager

member 2 owns 0% of everything and is listed a Limited partner

 

The profit is $446

 

i can't understand why in the world is in the Limited Partner slot

Business Taxes 1065 Page 5 Profit Under Limited Partner not General Partner? How to change?


@pirate1122 wrote:

i can't understand why in the world is in the Limited Partner slot


Unusual setup, perhaps, but I still have been unable to reproduce your results.

 

After indicating that the entity is a limited partnership in the program, entering one general and one limited partner, the net still appears in the general partner slot.

Business Taxes 1065 Page 5 Profit Under Limited Partner not General Partner? How to change?

Will it be a huge problem if I just leave it?

Business Taxes 1065 Page 5 Profit Under Limited Partner not General Partner? How to change?

Semi Solution: The only way I have found so far is to go to Business Info > Introduction > Type of Partnership - Edit > choose U.S. General Partnership. Which of course is not a solution but it works. Maybe someone can figure out the solution based on this.

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