We're filing a final 1065 this year, with all Final Schedule K-1's ending with a $0 basis. Based on the TurboTax Business explanations, it sounds like all partners should choose that they "left" the partnership during the tax year, but by checking that box, there is no choice to update partnership percentages.
On a Final Schedule K-1, is it ok to keep our previous percentages at the end of the year? The documentation suggests that the percentages should end at 0%, but when changing all partners to 0% ending percentages, I get errors that the sum of ownership percentages should be 100%, despite it being a final return.
"By checking this box, you are letting the IRS know that this is the final year that the partnership will file a Schedule K-1 for this partner.
The end-of-year profit, loss and ownership percentages should show as 0% on a final K-1
, but you'll be prompted to enter the percentages just before the partner or member left the business."