1065-US: Entering guaranteed payments paid to limited partners for services rendered (FAQ)

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Question

How do I enter guaranteed payments paid to limited partners for services rendered?

Answer

Enter the portion of guaranteed payments that represents payment for services to limited individual and limited partnership partners twice.

First, include the payments in the total guaranteed payments in Screens 4835-2, F-2, Inc, K-2, OGWell, and Rent.

Second, enter the payments in the Guaranteed payments to limited partners for services field in Screen K-3. Use the Ptr Alloc button to allocate the guaranteed payments to the appropriate partners. UltraTax CS uses the amount you enter to reduce the Partnership Self-Employment Worksheet, line 4b.

Related topic: Guaranteed payments FAQs (1065)

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