Gremlins - Two Lacerte Software Problems

[joshuabarksatlcs]

Encountered the following in Lacerte :

1.  During the "K-1 Data export" process from a Partnership to two partners, the interest was transferred to CA only, but not federal.  Yes, there was a  difference between federal and state interest.  Federal K-1 showed $40,479; CA showed Federal $40,479 and CA $39,556.  The individual federal and state K-1's clearly showed the correct amounts on Line 5.  Yet, only state amount got transferred.  Software is updated.   Rebooted the computer and no difference in the result.  Weird.   

2.  In S/T Sch D, one of the transactions had an Accrued Market Discount (AMD), $1,000.  The amount was included on Sch B, Interest.  The loss on the item was adjusted (additional loss on line 1b of Sch D) by $-1,000 (= mirror amount of the interest income).  Now, I'm staring the following amounts in Col h of Sch 😧

Line 1:  Covered S/T:                  -6,631

Line 2:  Non-covered S/T                 -21

Line 5:  Net S/T Loss from K-1    -2,224   

Line 7:                                             -7,876  (!!!!!!!)

The total doesn't foot....  Off by $1,000, which was the S/T AMD....

Never seen this before.  Anyone encountered the above gremlins???

What did I do wrong?

Oh, Chim Chiminey the Long Term AMD works  - the L/T total foots .....

Just emailed to Lacerte.  Perhaps will have answer by Tuesday.

[joshuabarksatlcs · Accepted solution]

1.  Federal Sch D Part I doesn't foot.  Resolved. 

Do NOT enter wash sale and AMD info in a single item.  the AMD amount got pick up on Sch B but NOT adjusted on Sch D.  Without a wash sale amount, an input in AMD works just fine. 

2.  While exporting K-1 from a partnership to partners (all are clients of mine), only the State amount but not the federal was carried over (U.S./CA difference due to US bond income).  The federal amount was blank, as in zilch, nada and none.   Still NOT explained by Lacerte.  Only a suggested solution by Lacerte support:

enter the federal amount manually.

We old timers know about GIGO. 

Sometimes, Treasure in, still Garbage out. 

Must check output.