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Encountered the following in Lacerte :
1. During the "K-1 Data export" process from a Partnership to two partners, the interest was transferred to CA only, but not federal. Yes, there was a difference between federal and state interest. Federal K-1 showed $40,479; CA showed Federal $40,479 and CA $39,556. The individual federal and state K-1's clearly showed the correct amounts on Line 5. Yet, only state amount got transferred. Software is updated. Rebooted the computer and no difference in the result. Weird.
2. In S/T Sch D, one of the transactions had an Accrued Market Discount (AMD), $1,000. The amount was included on Sch B, Interest. The loss on the item was adjusted (additional loss on line 1b of Sch D) by $-1,000 (= mirror amount of the interest income). Now, I'm staring the following amounts in Col h of Sch 😧
Line 1: Covered S/T: -6,631
Line 2: Non-covered S/T -21
Line 5: Net S/T Loss from K-1 -2,224
Line 7: -7,876 (!!!!!!!)
The total doesn't foot.... Off by $1,000, which was the S/T AMD....
Never seen this before. Anyone encountered the above gremlins???
What did I do wrong?
Oh, Chim Chiminey the Long Term AMD works - the L/T total foots .....
Just emailed to Lacerte. Perhaps will have answer by Tuesday.
I come here for kudos and IRonMaN's jokes.
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1. Federal Sch D Part I doesn't foot. Resolved.
Do NOT enter wash sale and AMD info in a single item. the AMD amount got pick up on Sch B but NOT adjusted on Sch D. Without a wash sale amount, an input in AMD works just fine.
2. While exporting K-1 from a partnership to partners (all are clients of mine), only the State amount but not the federal was carried over (U.S./CA difference due to US bond income). The federal amount was blank, as in zilch, nada and none. Still NOT explained by Lacerte. Only a suggested solution by Lacerte support:
enter the federal amount manually.
We old timers know about GIGO.
Sometimes, Treasure in, still Garbage out.
Must check output.
I come here for kudos and IRonMaN's jokes.
