Can anyone with experience in this area tell me how they inputted the two separate tax years into the program? Is there a form somewhere to split the income out? The only help I've been able to find on Intuit's website is to override the amounts on the K-1's.
Thank you for your answer! How do you get the program to split it based on the actual percentages though? We do understand that we want to do that but don't know how to get the income to show up on the K-1's the way it should unless we physically override the numbers on the K-1.
On a 1065 we can do special allocations by $ or by %. On a 1120S there is no such thing as a special allocation. So the way I've done it in the past on actual split-year is to override the Schedule K-1 and make sure I have a supporting workpaper in my files for it.
If you were to allocate based on # of days versus an actual year-split you would go into the Weighted Average Ownership Percentage Worksheet. Then the software will do the math for you.