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?
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."
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."