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Schedule K-1, Part II, Line J - Partners share of profit, loss and capital. Why is the ending Capital % being calculated instead of the amount entered on screen 8, Partner Percentages ENDING. Does anyone know how to override on the respective K-1s?
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I was able to answer my own question. In the 2019 program you have to go to screen 3 Miscellaneous Information, User Option Overrides. The 6th option is Partners' ownership of capital: 1=manual, 2=automatic.
In order to override the calculation you have to chose 1, manual. Then the ending percentage is not calculated.
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In 2020 I need the opposite. I have overridden the calculation to be automatic but my K-1s are reflecting blank for Ending Capital %. Do I have to manually calculate the ending ownership of capital and override to be manual? Seems to defeat the purpose of automatic calculation. Help please.