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- Partnership Code AG Error
Partnership Code AG Error
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Cousin49
Level 1
03-04-2022
12:00 PM
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I may be over thinking this but I have an error under the K-1 input on Form 1065 (p4-5 Line 20) for code AG Gross Receipts for Section 448(c). The AG and description are in green as if they have been transferred over from the prior year, but it was not in this return for 2020. I read the K-1 instructions about the $5million and over, but this client's gross receipts are only $415,000 so why is the software automatically generating this code and erroring for me to put a number in there when we never have in the past?
My only concern is that the software is asking for this information because there is another rule (besides the receipts over $5mill) that applies to my client and I AM supposed to put a number in there?
If I am what information is it looking for that it couldn't have just generated the input itself?
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