1065 investment club return. Partners want to split sched K other deductions total evenly, a different % than their overall P/L share %’s. Can ProConnect do this?

Forum|Forum|5 years ago
March 9, 2021
1 reply
22 views

Basically they all share equally in their investment clubs subscription fees and bank fees, but all the partners have differing ownership percentages for P

ProConnect Tax

This topic has been closed for replies.

Best answer by itonewbie

Once you have coded and entered the Other Deduction, you can then go to the Special Allocations tab, which will show a line item for Others.

Click on Others, you will see the Total Available amount on the right. You can choose to either override the allocation by Amount or Percentage.

See this article for detailed instructions of how this works: https://proconnect.intuit.com/community/partnership/help/how-do-i-use-special-allocations-in-proconnect-tax-online/00/5280

sjrcpa

Level 15

They can do that if their agreement lets them.

Then you get to do special allocations.

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

AdeptAccountingAuthor

Level 2

Thank you!

I figured they are allowed to do it, I’m just struggling with where in ProConnect to force the program to let me specify that. It seems like other then specifying overall partner % for Profit, Loss and Capital there isn’t a place to allocate separate amounts for the K-1 other deductions box. Any ideas?

itonewbieAnswer

Level 15

Once you have coded and entered the Other Deduction, you can then go to the Special Allocations tab, which will show a line item for Others.

Click on Others, you will see the Total Available amount on the right. You can choose to either override the allocation by Amount or Percentage.

See this article for detailed instructions of how this works: https://proconnect.intuit.com/community/partnership/help/how-do-i-use-special-allocations-in-proconnect-tax-online/00/5280

---------------------------------------------------------------------------------Still an AllStar

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