TaxAct will allocate the distributive items reported on Schedule K (Form 1065) Partners – Distributive Share Items (page 4) to each of the partners according to their weighted percentage of ownership. Their weighted percentage is computed on a daily basis. Enter each partner’s ownership percentage at the beginning of the year through the K-1 Wizard during the Q&A.

Related Links

Schedule K-1 (Form 1065) – Entering in Program

Schedule K-1 (Forms 1065 or 1120-S) – Importing and Exporting TaxAct Returns Only