bennawilliams-s
Level 2
11-19-2021
11:20 AM
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The software is incorrectly allocating the Current Year Neet Income/(Loss) on each partner's Schedule K-1, Item L. How can I fix this?
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sjrcpa
Level 15
11-19-2021
04:55 PM
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The software is allocating it based on the P&L percents you entered. So either correct those or look for a place to do Special Allocations.
The more I know the more I don’t know.
George4Tacks
Level 15
11-20-2021
06:55 PM
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Partner Information > Partner Basis Statement (there are overrides there)
Answers are easy. Questions are hard!
bennawilliams-s
Level 2
11-23-2021
10:11 AM
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Thank you for responding! However, the basis worksheet is fine. The current year net income (loss) on Schedule K-1, Part L is not allocating correctly for either partner. I think it is allocating the entire GP to one partner. Any ideas on how to fix this?
Thank you!!
