I have a client with about 55 Schedules K-1. some of which have carryover of Sec 179 expense. ProSeries is giving me an error about allocating the 179 expense among the various K-1's reflecting it.
I cannot seem to clear this error no matter what I do to the entries on Lines 12a, 12b, or 12c of the respective California K-1's. The program doesn't tell me how much I'm "off" so I don't know if I've succeeded in getting the total allowed down to or up to $25,000.
Proseries is making at least one error in this area as I noted the total carryover reported by ProSeries is not including the total carryover amount from one specific K-1. If I manually add the carryover amounts from all K-1's my total is $8,493 higher than the ProSeries total--the exact amount from this specific K-1.
Additionally, six of the K-1's have current year Sec 179 expense. Do I use the current year amounts first, or use the carryover amounts first?
Any tips or trick you have to get this error cleared would be greatly appreciated.
Best Answer Click here
As sometimes is the case, just entering my question on this forum causes me to look at the problem again, and I've solved my own problem.
First, I found that the K-1 not included in the carryover 179 totals WAS actually included. I had entered it my manual list twice. The error was mine--not ProSeries.
I was finally able to go the the CA Schedule K-1's and determine the necessary amounts for line 12c and entered zeroes in anything over the $25,000 limit. Finally, the error went away.
To quote the famous Emily Latella: "Never mind."
As sometimes is the case, just entering my question on this forum causes me to look at the problem again, and I've solved my own problem.
First, I found that the K-1 not included in the carryover 179 totals WAS actually included. I had entered it my manual list twice. The error was mine--not ProSeries.
I was finally able to go the the CA Schedule K-1's and determine the necessary amounts for line 12c and entered zeroes in anything over the $25,000 limit. Finally, the error went away.
To quote the famous Emily Latella: "Never mind."
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