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Thank your replies.
I see special allocations by ratio and amount on Sch K-1, but is this for their share of revenue or for distributions.
My clients' business is set to be 50/50, $1,400 initial contribution each.
However, the 2022 income revenue (would this be Self-employment income?) for A is 38%, and for B is 62% of EARNED income. This depended on who took the lead in each project.
The 2022 distribution for A is 27% and 73% for B.
Plus, there is $5k of a grant and $300 of an account opening bonus that I reported as "interest" as I do with individual accounts.
Just when I thought that I have set everything well in the software, I get 50/50 on their K-1s. I must doing something or a few things wrong.
I would appreciate any help and I am willing to pay for the consult if you know how to navigate Proseries for 1065 LLCs filing as partners.
Thank you!
Ro