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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.
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- Re: 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.
