Business & farm

You may have missed a step. Please follow these instructions:

Open your return in TurboTax Business.

1. Go to Business Info >> About Your business and check the box for "Has an Ownership Change."
2. Continue through the interview to the Member Summary page.
3. Click Edit next to the name of the leaving partner(s).
4. Check the box for "This member left the company this year."
5. Continue through the interview until you can enter the date the partner(s) left.
6. Adjust "After" percentages to allocate the difference to the remaining partners (must total 100%).
7. Now go to Forms Mode (Forms icon in header) and open Sch K-1 Wks.
8. Review the ending percentages for each partner at the top of the right-hand column.
9. Use the gray scroll bar to move through the partners.
10. The totals at the bottom must be 100% for beginning and end of year.
11. Now open Addl K-1 Info worksheet.
12. Scroll through the partners and check that the leaving partner(s) has/have no entries under Loss and Ownership (can also be zero if box/font isn't red).
13. Again, the Totals at the bottom must be 100 for each period (before and after the partner(s) left).
14. Also, confirm that neither form has a red exclamation mark in the forms list on the left.
15. Use Step-by-Step to return to the main screens.

Schedule B-2 will show all partners who will receive Schedule K-1. This includes the leaving partner(s), who will receive a final K-1.