Question
NJ CBT-100s - Software Error on Page 8
Is anyone else finding an error in the amount of NJ income that's being allocated to the Shareholders on NJ-K1?
On the NJ CBT-100s, I believe it's putting the wrong number on the K1.
On Page 8, Schedule K, Part II, the program usually allocates Line 8 to the K1s ($3,144).
However, below this, on Page 8, Schedule K, Part III, the program is subtracting the current year CBT liability on Line 7 from the NJ Income, and it's allocating Line 8 on Part III ($3,519) to the K1s.
I can't see how this is correct. I looked at the CBT-100S instructions, and there is nothing there in regard to this. Are we now allowed to deduct state taxes before allocating income to the Shareholders?
In prior years, Line 7 on Part III was always a $0 in my program, even if there was a tax amount on page 1, Line 4.
Please help. The income is being understated when it's being reported to the Shareholders
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