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New Member

WHEN ENTERING PARTNERSHIP INCOME, IS ONLY MY SHARE ENTERED OR WILL TURBO TAX CALCULATE MY SHARE?

For partnership income and expense, do I enter only my share or the total of the partnership?

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Highlighted
New Member

WHEN ENTERING PARTNERSHIP INCOME, IS ONLY MY SHARE ENTERED OR WILL TURBO TAX CALCULATE MY SHARE?

You will enter the total amounts, but be sure to enter in the percentage ownership you have, and also enter in the details for other partners. The software will then take your % of the income/deductions and allocate to your return accordingly.

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3 Replies
Highlighted
New Member

WHEN ENTERING PARTNERSHIP INCOME, IS ONLY MY SHARE ENTERED OR WILL TURBO TAX CALCULATE MY SHARE?

You will enter the total amounts, but be sure to enter in the percentage ownership you have, and also enter in the details for other partners. The software will then take your % of the income/deductions and allocate to your return accordingly.

View solution in original post

Highlighted
New Member

WHEN ENTERING PARTNERSHIP INCOME, IS ONLY MY SHARE ENTERED OR WILL TURBO TAX CALCULATE MY SHARE?

So just to make sure I am clear, the amounts need to be entered twice?
Highlighted
New Member

WHEN ENTERING PARTNERSHIP INCOME, IS ONLY MY SHARE ENTERED OR WILL TURBO TAX CALCULATE MY SHARE?

You will enter the amounts in both returns, but the software will allocate the amounts based on the percentage you have entered.

- Clint