There is a special "Ownership Percentage Worksheet" that can be used to allocate income and expenses based on a "weighted average," per share, per day of shares owned by shareholders. To find the form, click on the "Form" tab and then "Open Form." Then, type "ownership" in the search function and the "Ownership Percentage Worksheet" will appear as an available option. Click on the worksheet. You will be able to input all changes of ownership for each shareholder throughout the year. However, if you want to elect the "closing of the books" method under IRC §1377(a)(2), Turbotax does not appear to be able to accommodate such election without manually completing the shareholder K-1s.
