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Partner information and Schedule K-1

Enable partner allocations

Partner allocations must be enabled for amounts to carry through to the partners' K-1s.
You can enable partner allocations for a return in the Organizer. Enter partnership amounts before you enable partner allocations. Select this option to enable partner allocations each time the return is computed.
You can wait to enable the allocation of the partners' Schedule K-1s until after your review of the Form 1065 and Schedule K is complete. This reduces overall the calculate time while you're entering data into the return.
  1. In Organizer select
    Enable Partner Allocations
     .
  2. Partner default ratios must total to 1.00 (100%) in order for the return to allocate correctly. If you need to change the default ratio, select
    Partner Information
    ,
    Allocations
    ,
    Allocation Options
    , then
    Allocation Defaults
    .
  3. Select the ratio for the return. The default ratio is the ratio the system uses to allocate items not specially allocated.
  4. If
    Enable partner allocations
     isn't selected, the return doesn't allocate during calculation. However, there may still be amounts on Schedule K-1 if
    Enable partner allocations
     was selected during a previous calculation.
  5. When you first open a return, the
    Enable partner allocations
     option isn't selected. This lets you enter all of the data for the partnership return before allocating amounts to the partners.
  6. You can also turn on partner allocations by selecting
    Options
    , then
    Partner Allocation
    . Every time a change is made to the return, a complete allocation to all Schedule K-1s happens. To turn off allocations, select
    Partner Allocation
     again. If no checkmark shows next to Partner Allocation, the Schedule K-1s won't be updated.

This article applies to:

  • Product: ONESOURCE Income Tax Express RS
  • Return type: 1065 Partnership
  • Subject: Allocation
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