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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Form 1065, line 22
Form 1065, line 22
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Aterralbook
Level 1
09-23-2023
01:20 PM
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Trying to complete partnership return. Yep past the deadline. Discovered on form 1065, line 22 that the calculation is incorrect. Has anyone experience this? If so, is there a solution?
Line 22 says to subtract line 21 from line 8 and it gives you ordinary business income (loss).
Line 21 is 101332 and line 8 is 48092. Ok I am great at math. Proconnect gave the amount for line 22 as -106480. Absolutely not correct. Basic math: 48092-101332=-53240 and 101332-48092=53240. Even the SE Worksheet says -53240. It is also messing up k-1 allocation summary and both k-1s as it is not splitting it up between the partners. It is placing the full amount to partner 1.
Either I have manually entered something incorrectly or the algorithm/formula is incorrect. Please help.
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Aterralbook
Level 1
09-23-2023
02:59 PM
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No the return shows positive 48074 in line 3 and positive 101332 in line 21. Line 8 is total income (loss) and line 21 is total deductions that come from lines 9-20. So when I put the 101332 in as a negative # (-101332+48092) I get -53240. The correct amount should be -53240. There is not way to change it on the form as the amount is based on the numbers from line 8 and 21.
