K-1 Partner left partnership of 4

Forum|Forum|1 year ago
March 11, 2025
1 reply
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I have a partnership of four members and one of the members left in February. How do I allocate 25% for two months on the k-1 and then the remainder of the year split between only for three members?

TurboTax Business Windows

RobertB4444

When you enter the partnership information into TurboTax the system will ask if you had a "change of ownership". You will answer yes. Then, when you are entering the information about the partner, you will check the box that says 'The partner left the company this year'.

After the partner information is entered the system will ask about the change of ownership and request a date. Then you'll have to enter each partner's percentage of ownership before the date and after the date. TurboTax will then create a weighted average of those percentages for this year and indicate the change in ownership on the K1s. When you go to file the 2025 return the new partnership information will already be entered for you.

@Isabell

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