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.
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Look for the following screen and hit the Start button.
On the following screen, make sure you click the Allocate by Amount button.
Please read this answer from JulieCo which addresses your question.
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.
Thank you! That worked.
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