Allocating guaranteed payment for services to partners on K-1

Forum|Forum|4 years ago
January 18, 2022
2 replies
5 views

I am entering tax information for a LLC partnership. I need to allocate different amounts to each partner for the guaranteed payments they receive related to services provided to the business. Where do I enter this information. I can find no place to do so in any of the screens and the software is not allowing me to update the amounts of the K-1 forms directly.

TurboTax Business Windows

Anonymous_

Level 15

Look for the following screen and hit the Start button.

Anonymous_

Level 15

On the following screen, make sure you click the Allocate by Amount button.

MinhT1

Level 15

Please read this answer from JulieCo which addresses your question.

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Anonymous_

Level 15

@rmclemor

Again, after you enter the total amount of guaranteed payments, ensure that you click the Allocate by Amount button at the bottom of the screen so you can allocate a specific amount to each partner.