I am referring to Schedule B-1 Part II (Individuals or estates owning 50% or more of the partnership). In previous years the accountant listed my wife and myself and then specified 100% for each of us in column IV, Maximum Percentage Owned in Profit, Loss or Capital. Someone once explained to me that the 100% for each us in Sched B-1 was because both the husband and wife in an LLC can be held responsible for 100% of the LLC.
On Schedule K1, line J (for each of us), he showed 50% (beginning and ending) for profit, loss and capital.
In Turbo Tax business, when entering Partner/Member information (using step by step), it asks for the ownership percentage and then has a check box to say that the profit or loss % is different from the ownership percentage. Checking this box allows yo to specify different values for profit %, loss % and ownership %. However, if I indicate that myself and my wife both have 100 % ownership, it complains that total ownership does not equal 100%.
Maybe the answer is to override the Schedule B-1 entries using form view and enter 100% for both husband and wife?
