40309
e-file: Passthrough K-1: The California electronic filing specifications do not allow for the ending ownership of capital to be greater than 100% [ref. 340309] The actual percentages are 99% and 1%. The 99% owner is actually the only one contributing to the partnership. Lacerte shows profit and loss as 99% but capital as 100.8167% How do I resolve this?
Solution: In the Detail input, navigate to Screen 3, Miscellaneous Information. Scroll down to the section User Option Overrides. Enter a 1 on the line "Partners' ownership of Capital 1=manual, 2=automatic [O]" (code 31) Navigate to Screen 8, Partner Percentages and verify that the Totals line shows 100 for every column.
