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Form 1065 Schedule K-1 Partner Percentages

RdM
Level 1

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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RdM
Level 1

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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RdM
Level 1

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.

 

View solution in original post

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lorri
Level 1

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.

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