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I have a 1065 where only one partner received a guaranteed payment, but I cannot understand how to specify that only they received it.
The instructions were incredibly oblique and not helpful.
Right now the program is spreading the payment among all 3 partners which messes up the capital accounts.
Anyone with any suggestions how to fix this PLEASE???
thanks
Best Answer Click here
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Go to the Schedule K1 Worksheet where the Partner info is entered. Use the Special Allocations by Amount (A B C D) at bottom right of box. Enter amount for each Partner. Then go to Schedule K (page 4) Line 4 a and enter the letter A in the Special Allocation column.
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👍 dkh, also in addition to what dkh said you may also want to check the state K1 worksheets to make sure that that state is correct.. just my opinion.
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this seems to have worked. thanks
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