@PatriciaV
Thank you for your response. Per your guidance, it sounds like this is how Sch K-1 Wks should be populated:
For each of the two Exiting Members:
Beginning Ending *Intl/Fnl %
Profit % 25% 0% 25%
Loss % 25% 0% 25%
Own % 25% 0% 25%
For each of the two Remaining Members:
Beginning Ending *Intl/Fnl %
Profit % 25% 50% 25%
Loss % 25% 50% 25%
Own % 25% 50% 25%
If this is accurate, Turbo Tax is splitting up profits and losses on Schedule K-1 based on the Ending % and not the *Intl/Fnl % when each Member should be allocated 25% of profits and losses. It looks like the only way I can get Turbo Tax to split profits and losses as 25% per Member is if I keep Ending at 25% for everyone. Please advise.
