topic Reallocation of losses in final Partnership return in Get your taxes done using TurboTax

Reallocation of losses in final Partnership return

valley_robert — Mon, 09 Mar 2026 05:41:27 GMT

This partnership was set up as two equal partners, but there's a provision in the document that specifies that, upon termination, if the partnership has a loss, just one partner will absorb the loss and pay down the loan. As such, the final K1's need reflect the allocation of loss differently from how gains/losses were allocated in prior years (where they were allocated 50/50). How is this done in Turbotax Business without having to over-ride calculated fields?

Re: Reallocation of losses in final Partnership return

PatriciaV — Sun, 20 Feb 2022 17:03:03 GMT

You should be able to allocate the final loss using different percentages under Partner/Member Information. Under each Partner, enter different percentages in the Loss % boxes (ex: 100% for one partner and 0% for the other). On the Allocation Method page, check the box for "Loss Percentage."

Re: Reallocation of losses in final Partnership return

valley_robert — Mon, 21 Feb 2022 17:32:39 GMT

Hi Patricia,

I'd tried making that modification on the forms and kept getting boxed in by error checking. Your solution is exactly what I needed. Thanks very much.

good day,

Rob