Allocating guaranteed payment for services to partners on K-1

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.

1098

Level 15

Jan 18, 2022 1:48:08 PM

Look for the following screen and hit the Start button.

Level 15

Jan 18, 2022 1:48:59 PM

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

Expert Alumni

Jan 18, 2022 1:57:40 PM

Please read this answer from JulieCo which addresses your question.

Level 15

Jan 18, 2022 2:21:59 PM

@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.

Level 2

Jan 19, 2022 11:28:11 AM

Thank you! That worked.

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Allocating guaranteed payment for services to partners on K-1