- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Trying to complete partnership return. Yep past the deadline. Discovered on form 1065, line 22 that the calculation is incorrect. Has anyone experience this? If so, is there a solution?
Line 22 says to subtract line 21 from line 8 and it gives you ordinary business income (loss).
Line 21 is 101332 and line 8 is 48092. Ok I am great at math. Proconnect gave the amount for line 22 as -106480. Absolutely not correct. Basic math: 48092-101332=-53240 and 101332-48092=53240. Even the SE Worksheet says -53240. It is also messing up k-1 allocation summary and both k-1s as it is not splitting it up between the partners. It is placing the full amount to partner 1.
Either I have manually entered something incorrectly or the algorithm/formula is incorrect. Please help.