topic Turbo Tax Business 2024-25 entering different amounts for section 754 on k1s in Get your taxes done using TurboTax

Turbo Tax Business 2024-25 entering different amounts for section 754 on k1s

G_Gee — Mon, 18 Nov 2024 22:39:29 GMT

I am trying to enter different amounts for each partner's Section 754 allocation. The income is split equally but the Section 754 allocation needs to be divided on 3 of the 4 of the K1's, the last K1 should be zero. I called Turbo Tax Business help and she was unable to solve the problem.

I have read several other posts asking to do the same but none of the answers worked on the TurboTax 2024-25 desktop version.

Re: Turbo Tax Business 2024-25 entering different amounts for section 754 on k1s

Anonymous_ — Fri, 13 Dec 2024 16:17:37 GMT

Re: Turbo Tax Business 2024-25 entering different amounts for section 754 on k1s

G_Gee — Mon, 18 Nov 2024 23:01:11 GMT

I've checked the box for special allocations. I entered the total amount on the 1065 but it automatically divides the allocation evenly. I need 3 members to have 33.5% and one to have zero. I haven't figured out how to change the amount on each K1. It doesn't allow me to type the amount on each K1.