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Get your taxes done using TurboTax
Are there guaranteed payments shown on Form 1065 pg1-4 Line 10? If not, review Form 1065 p5-6 Schedule K Income (loss) section to identify the source of the income on Schedule K-1 Line 14c. Also check income flowing from Schedules K-1.
Once you identify each source, you can set up a special allocation for that income on Sch K-1 Wks. See this post for step-by-step instructions.
For more specific help with Special Allocations, right-click any yellow box under the SA column of Form 1065 p5-6 and choose "About Sch K-1, Spl Alloc." This On-Demand Tax Guidance includes instructions for nearly every line affected by Special Allocations.
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‎January 24, 2024
7:29 AM