Question

Partner percentages

Forum|Forum|2 years ago
February 27, 2024
1 reply
0 views

When entering current ownership % in partner information, the prior year ownership field changes to the end of year % value. Each year end changes as distributions during the year are not proportional.

TurboTax Business Windows

M

mgarry3416

I don't quite understand your question. Your percent in the partnership should not change from year to year unless you added or lost a member or you or another member added significant capital into the partnership (ie purchased additional shares such as going from 50-50 to 33 - 67% If this is the case you have other tax problems and should seek professional tax help.

So are you entering your Schedule K-1 data into your personal TurboTax return or completing the business tax return?

you say distributions during the year are not proportional Why? does a member have a guaranteed payment, are you reimbursed for expenses Distributions are normally equal to the ownership percent unless you have other special situations. If so seek professional tax help.