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Business & farm
In TT Business I cannot figure out how to complete a 1065 partnership K-1 and get the QBI without increasing the capital accounts and balancing schedules L and M-1 M-2 etc.
First: If I report bus income to Line 1 - Ordinary Business, then it accumulates automatically in the capital accounts. However, because it was paid out to the partners (husband and wife - two partners) the capital accounts should not accumulate income.
Second: I also want to distribute the income unevenly, even though the profit percentages are 50% for the two of us.
‎September 15, 2019
6:04 PM