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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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Fiduciary income tax returns
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danvirden
Level 1
08-11-2020
02:38 PM
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In the final year of an estate, I entered the dollar amount of distributions and the amounts are different on the income tax return. for example - 8 of the beneficiaries share on Distributable Net Income is 155 each, but when I look at K-1 the some amounts go to 156 and some to 155 and some 154 on line 5 of the K-1. Why does the program do this and how do I correct it?
I first tried the percentages for distribution but that was way off.
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sjrcpa
Level 15
08-11-2020
02:46 PM
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It's rounding. You can override each line on the K-1. I'd let it be.
The more I know, the more I don't know.
