Reallocation of losses in final Partnership return

[valley_robert]

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? 

[PatriciaV · Accepted solution]

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."

[valley_robert]

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