I am using Turbo Tax for the first time to do a 1065 for a partnership LLC. We previously used an accountant. After creating the 1065, I see a discrepancy in 1065 Schedule B,1,II. Last year's filing showed each of the partners as having 100% each in the maximum percentage owned column. Turbo tax only allows a total of 100% total for all partners. While this makes logical sense, the IRS Instructions indicate that family members own shares "indirectly" for other family members. See below
"....an individual is considered to own an interest owned directly or indirectly by or for the individual’s family. The family of an individual includes only that individual's spouse, brothers, sisters, ancestors, and lineal descendants."
Is this restriction in Turbo tax disallowing >100% ownership correct when partners are family members?
