Turbo Tax Business not recognizing partnership percentage

[bobbiN1]

In the "Partner/Membership Information" screens, even though the two partners are entered as 50% ownership and the result shows 100%, when "Continue" is pressed, a screen comes up saying "Total Percentage is less than 100%" with options to "Review Member Entries" or "Correct Later"

It will allow you to move forward if you select "Correct Later", but there is no where else to correct later, it will not get through the "Federal Review", and it will not file when you have completed.

[tagteam]

In TurboTax Business, you should have gotten flagged during the Error Check. 

Regardless, I cannot seem to reproduce your result during a test return. I suggest you enter Forms Mode and check your Schedule K-1 Worksheet (under Forms in My Return as Sch K-1 Wks) and review the entries on that worksheet.

[mattchiles]

I am also having this issue with a new business.  I have entered all the partner's ownership percentages and I get the message "You have entered percentages totaling less than 100%.  Before you can file your return the total percentage must equal 100%".  Any idea?  TurboTax on the previous screen says it all adds up right.

[tagteam]

@mattchiles Have you checked your K-1s (and the K-1 Worksheet) in Forms Mode?

Also, do you have, by any chance, three partners? If so, you need to adjust the decimal (e.g., 33.33334) for one of the partners.

[mattchiles]

Nothing like posting to the forum to figure out the answer.  Be sure to enter your percent of ownership as, for example, "50%", and not ".50%".  My totals added up to 1, but that was only 1%, so according to TurboTax I was 99% short.  🙂  Hopefully this will be a clue for the next person with this silly mistake!

[jamesfsmithco]

Thanks!!!  That solved it.  Obvious solution once you know what they want - but would help if TurboTax would say to enter in the percentages.