The ending percentages may not be 0%. Per IRS Instructions for Form 1065 Schedule K-1 Item J Partner's Profit, Loss, and Capital: Any partner with the Final K-1 box checked should enter the percentage immediately before termination, even if the partner was admitted to the partnership during the same tax year.
If you have indicated that each partner "left" the partnership this year, TurboTax will report the correct percentages. This option appears for each partner under Business Info >> Partner/Member Information.
You can also review the percentages on the Schedule K-1 Worksheet using Forms mode.
- Open your return and click the Forms icon in the TurboTax header.
- In the list of Forms in My Return on the left, scroll down and look for Sch K-1 Wks.
- Click the form name to open it in the large window.
- Scroll to the bottom of the open form and verify that the ending total for profit percentage equals 100%.
- Click the Errors icon above the list of Forms in My Return to open a message box below the open form. This message may provide additional help in resolving this form error.
- Click Step-by-Step in the header to return to the main screens.
- Now run SmartCheck again to see if the error has been resolved.
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