topic I am completing K1 forms for 2 partners (50%/50%) as part of an LLC form 1065. If a dollar amount is odd, can i give one partner $1 more than the other partner ? in Business & farm

I am completing K1 forms for 2 partners (50%/50%) as part of an LLC form 1065. If a dollar amount is odd, can i give one partner $1 more than the other partner ?

tuxedorose — Fri, 14 Aug 2020 19:41:06 GMT

OR do the 2 K1's have be exactly 50/50 which means the amounts have to show 50cent rounding

Anonymous_ — Fri, 14 Aug 2020 19:59:52 GMT

You should not encounter any issues with one partner being allocated one dollar more than the other.

Critter-3 — Fri, 14 Aug 2020 21:45:58 GMT

One of the partners should be designated as the "rounding" partner ... look in the partner info section.

Anonymous_ — Fri, 14 Aug 2020 22:02:17 GMT

@Critter-3 wrote:

One of the partners should be designated as the "rounding" partner ... look in the partner info section.

I believe you have to select the option in Forms Mode on the Information Worksheet (see screenshot).