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Form 1065 K-1 Line 16

Level 3

Form 1065 K-1 Line 16, Foreign Transactions - it is filling in codes AA - AD, which are gross receipts for the current and preceding 3 years for this partner, who is a corporation.  There is no foreign income for this partnership and this partner is not foreign.  Why is it filling this in?  Is there a way to fix it?

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1 Comment 1
Level 2

I am having this problem also with K-1 partner # 2 on each partnership return I have prepared!

I reported this to Lacerte a week ago with a tech assistant on the phone who could not understand

it either. Yesterday I spent 45 min on hold to report it again but Hung up.

This is a serious matter and needs a software fix by Lacerte ASAP!

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