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