In a partnership, how to show final k-1 partner's ownership % as zero

Forum|Forum|4 years ago
August 19, 2021
1 reply
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Final partnership return, all K-1s final.

Trying to show partners ending share of profit, loss, and capital on the K-1s as zero. I can find no way to show it as zero. In the partner percent input section, if I enter ending ownership for each partner as zero, I get a diagnostic than my ending ownership doesn't equal 100%.

Is there a correct way to prepare this in Lacerte?

Thank you

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George4Tacks

Level 15

Welcome to Lacerte where zero as a 0 is totally ignored. It is the same as a blank. If you want a zero enter a negative one (-1) and you get a zero, sometimes shown as zero and sometimes shown as blank.

Ideally you show distributions, debt reduction, etc such that your balance ends as zero and the k-1s should follow along.

https://proconnect.intuit.com/community/form-1065/help/partnership-capital-account-analysis-and-schedule-m-2/00/3656

https://proconnect.intuit.com/community/partnership/help/form-1065-partners-capital-account-shows-ending-balance-on-final/00/3378

Answers are easy. Questions are hard!