Hi,
Thank you for your response, but I am a bit confused on how to complete the Schedule K-1, Part III, Item J ending percentages. The sale of the partnership interest is effective 12/31/24, with the intent to split 2024 profits and losses equally 4-ways. Turbo Tax does not prompt me on how to complete this section of the K-1, nor does it ask what the ownership split is after the sale. If I change the ending percentage of profits or losses to 0%, the exiting members do not get any split of profits or losses. It seems I must keep the ending percentage at 25% for everyone in order to split 2024 4-ways. Is this the correct way to do it, while marking "Final" for the exiting members? Should the ending capital percentage be zero for the exiting members and 50% for each of the remaining members? Please advise asap as the deadline to file is quickly approaching.
Thank you.
