How does one get specially allocated items to show up properly on the partner's K-3?

Forum|Forum|4 years ago
February 10, 2022
2 replies
7 views

Currently all items on K-3 are being populated proportionate to the partner's interest in the partnership. How do we get specially allocated items, such as depreciation and guaranteed payments, to reflect the proper amount on the K-3?

Lacerte Tax

This topic has been closed for replies.

sjrcpa

Level 15

Good question. Apparently it cannot be done now. Intuit has been mum on whether we will be able to do it.

The more I know the more I don’t know.

K

kgreen8393

Level 6

Also, Sec. 743b adjustments, etc. There are so many things that can lead to special allocations. Applying one percentage (even if you override in K-2 section) to all line items is not a solution.

Y

yoyo

Level 3

I didn't see this and started another email. After calling Lacerte it appears it is not possible ... or at least not yet. I'm trying to avoid extending every partnership I have but it is looking like that is going to be what happens. The entire K-2 last minute requirement is silly and going to be nothing but a train wreck unless someone can convince the IRS to delay until 2023.

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