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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- SC 1120S line 1 is incorrectly calculating
SC 1120S line 1 is incorrectly calculating
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terrycpa
Level 3
02-23-2023
04:38 PM
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Line 1 of the South Carolina S Corporation return is incorrectly calculating. It is asking for the total of line 1 through 12 of the federal Schedule K, and the program is adding all 12 lines. Lines 11 and 12 are deductions, so these lines should be subtracted from lines 1 through 10, right?
I don't like overrides, but . . . .
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Ellie2020
Level 2
02-24-2023
08:55 AM
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I just spent 40 minutes on the phone with Tech support and they were not able to help or report the problem (because I would not screen share). This is a basic issue, lines 11-12 of Federal K-1 should be reducing the income and not adding to it.
I spoke with another CPA with different software and she said SC line 1 should be Federal 1120S lines 1-10 (income items) minus lines 11-12 (deductions items).
