How do I suppress "Partner's Share of Investment in PTEs" that accompany K-1s?

Forum|Forum|2 years ago
September 15, 2023
2 replies
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Working on a 1065 that has special allocations everywhere. I was able to use the special allocations input screen to make sure the K1 reporting is correct, however the supplemental statement/worksheet that accompanies the K1s showing the breakdown of income between PTE investments is incorrectly just allocating income pro rata. How do I suppress these statements so my investors don't get a bunch of wrong info that is just going to confuse them?

Happy 9/15 and thank you in advance. PS - I hate Series LLCs.

Lacerte Tax

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Best answer by PhoebeRoberts

Do any of the overrides in Screen 3, User Option Overrides, help?

S

strongsilence

Level 10

breakdown of income between PTE investments

I don't know about Series LLC's. Can partners specially allocate their portion of the income from a PTE coming into the primary partnership? My intuition is that a partner can specially allocate only the income from the top/upper tier partnership to themselves. Interesting. Good luck.