LLC

[alan3]

How do you enter CA LLC fee so that it is reflected on K-1 as an adjustment to federal reportable income and at same time not cause state balance sheet to be out of balance. Input used is prior years doesn't work and 3 different Lacerte reps have been able to give solution.  Thank you

[George4Tacks · Accepted solution]

Screen 13 > Taxes  State tax works

State Tax (Automatic, if Using State Tax Accrual Option 1)

Deductions

Screens 13; Codes 136,1135-1136

Enter state taxes to be deducted on the 1065, line 14. For California returns using the CA state tax accrual option 1, no entry is needed in this field (Screen 37, State and Local Miscellaneous). In the tax program, a supporting statement prints if the User Option “Optional Taxes Statement” is set to “Yes”. (Settings\Options\Tax Return Tab\Federal Tax Options)

Multi State Considerations

For multi state returns that include accrued tax from the California return, use the Other Taxes input field to enter taxes paid to the other states or localities.

[alan3]

Thank you