dascpa
Level 11

With all entities there are three percentages you need to input:  percentage of profit sharing, of loss sharing and of ownership.  In a S corporation these three must be the same.  But for a 1065 they can be different.  So in the K-1 Worksheet enter the applicable percentages.  You can calculate an overall profit sharing percentage based upon their operating agreement formula.  And if ownership changes there is an extra worksheet for that too.