Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Partner info

Distribute amounts to partners using the proration method

Do the following to determine the partners' distributive share amounts using the proration method.
note
The proration method is the default method UltraTax CS uses to distribute amounts to partners.
  1. Select
    View
    , then
    Partner Information
    .
  2. Select
    Changes of Ownership
     (or select
    Ctrl+W
    ).
  3. Select
    Add Date
     (or select
    Ctrl+A
    ), enter the date the ownership changed, and select
    OK
    . (The date you enter will need to fall within the client's tax year.)
    UltraTax CS automatically adds a column for the date you entered and shows the percentage or unit from the previous column for each partner.
  4. In the date column you just added, update the percentage or unit for partners whose ownership has changed.
  5. Enter additional ownership changes, up to 1 change for each day of the client's tax year, as needed. If you enter additional ownership changes, UltraTax CS automatically updates the percentages or units in each date column according to the percentages or units in the previous date column.
  6. To view or print the computation of the partners' calculated prorated percentages, select
    File
    ,
    Print Reports
    ,
    Prorated percentage computation
     in the
    Print what
     group box, then select
    Preview
     or
    Print
    .
note
  • If an amount is specially allocated to the partners using the
    Special Allocation of
     window, UltraTax CS doesn't use this method to calculate the partners' distributive share amount for that item only.
  • If an amount exists in any field in the
    Interim Closing Annualization
     window for any application and ownership period, UltraTax CS doesn't use this method to calculate any partners' distributive share amounts.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1065 Partnership
  • Subject: schedule-k1-subject

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close