In this video, we will show you how to enter special amounts or percentages for each partner that will carry over to the 1065 and/or K1 form. This is useful when partners in a firm have contributed capital during the year at a different rate or if you'd like to enter other special partner allocation information, such as distributions, share of liabilities, and ordinary business income. It is important to note that amounts must be entered in the input screens before allocating from the special allocation input screen. If you make entries in the special allocation input screens first, amounts will not be displayed on the 1065 form. Let's get started. To access the special allocation screen, select the desired partnership return and then the special allocations tab at the top. The Intuit Tax Online special allocation screen was designed to make partner allocations easy and can be completed in just two steps. First, select the amounts to allocate, then enter the amounts you would like to allocate for each partner. Let's try one. In this example, we'll select ordinary business income or loss. If this amount is not visible, click on the Add button. With ordinary business income or loss selected, we can allocate amounts to specific partners. To do this, we simply enter the desired amounts for each partner. Notice that as you enter each amount, you are provided with helpful information to ensure that all amounts are allocated properly. The amounts for total available, total allocated, and difference are updated as you type. Eventually, we see that the difference is equal to zero and total allocation is equal to total available. With that, we can be sure that all amounts have been allocated for business income loss. It is important to mention that the entire amount must...
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Video instructions and help with filling out and completing Fill Form 1065 Schedule M 3 Adjustments
