kcomstock
Level 1
10-23-2020
12:45 PM
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I don't know if this is a recurring issue, but I exported an LLC return with a 1231 loss to an individual. For federal purposes, 1231 gains and losses are netted to a single amount (positive for gain, negative for loss). However, for CA purposes, 1231 gains and losses are displayed separately (both as positive numbers). Anyways, the K-1 loss for federal purposes was exported to the individual as a gain for CA purposes, and I had to manually change it back to a loss. I haven't been able to find a "suggestion" or "error correction" spot, so I figured I'd just post it here. Thanks.
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George4Tacks
Level 15
10-28-2020
10:58 AM
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Export of state figures is alway iffy. You have done the right thing to correct it. You can highlight the clent and use Ctrl + L to send the return to Lacerte with an explanation of the error to let them know it exists. They will respond to you.
Answers are easy. Questions are hard!
Answers are easy. Questions are hard!