LATEST POST
Guaranteed payments should NOT be entered under compensation and benefits, as this would be an expense that becomes allocated based on the partner percentage share.
Guaranteed payments are entered under deductions > guaranteed payments. Then at the bottom, TurboTax has a big blue button to "Allocate by Amount" which allows you to "edit" and allocate the payment to a specific partner, or between partners, by amount. This is different than the profit (or ownership) percentage you have identified under partner /member information. You will also need to ensure that the guaranteed payments flow through to the partner K-1s as income. You do this by entering "A" in the special allocation column of line 4b. I will update again.
