$1 Ronding on Fed - CA K-1 for F1041

Forum|Forum|2 years ago
March 25, 2024
3 replies
11 views

There are no CA-Fed differences in income nor deductions in my 1041. Yet, $1 differences appear on the CA K-1. Why? How do I get rid of them? See the snip. 1 and -1 appear in the California adjustments column.

Lacerte Tax

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S

strongsilenceAuthor

Level 10

Overrides in Input Screen 43 are cumbersome and time consuming.

Does every input of income and deductions need to be coded either Federal or CA?

S

strongsilenceAuthor

Level 10

These are not rounding differences because all there are no Fed CA differences. CA=FED for interest, dividends, rentals, passthroughs and so on. It is really stupid. And it is embarrassing to have $1 unlocated differences on CA Sch K-1. And the beneficiaries might ask me or the trustee.

IntuitAlicia

Employee

@strongsilence

You're correct about the rounding. This is actually a program limitation with the way states do their rounding for percentages.

If you don't want the CA adjustment of $1.00 to show in column C, you will need to go to Screen 43.011, California State Beneficiary Overrides and override the Column D amounts.

S

strongsilenceAuthor

Level 10

Thank you Alica .

These make us look bad and will cause questions from clients.

Would you mind posting a produce improvement or telling the software team?

The solution you suggest is way too time consuming as there can be 10 or more sources of income and many beneficiaries. Overrides are a last resort.

IntuitAlicia

Employee

@strongsilence Following up on this one, your experience with the workaround necessary to display the amounts correctly and the time spent doing this in larger returns speaks volumes.

Our development team heard your pain around this process and has looked further into it. They will be exploring a resolution for this program behavior for Tax Year 2024 over the Summer.

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