Happy Saturday Everyone! Drake users help.
1. I have a contribution going from the partnership to a 401K for both partners. When I do the special allocation for the Retirement its deducting the R in box 13 but at the amount of the other partner, it should be showing the amount of R that was contributed for him.
2 On 4b...
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K1 Partnership 1065
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Foreign Partner without ITIN
Hello,
Can the partnership return be filed before the ITIN is secured by the foreign partner? One of the domestic partners claims that an IRS rep at the local office stated that they can write "applied for" for the ITIN. {I have contacted the IRS and spoke to several departments, but have not received a concrete answer, as... -
Proseries Partnership return
I just completed a 1065 for an LLC with two partners. I see that the guaranteed payments to partners will correctly be subject to Self-Employment tax. However, the Ordinary Business Income is only on line 1. The CPA last year also put each partner's amount as subject to Self-employment. I went through the forms etc., and would need to override...