Skip to main content
Level 3
January 28, 2021
Question

Form 1065 K-1 Line 16

  • January 28, 2021
  • 1 reply
  • 6 views

Form 1065 K-1 Line 16, Foreign Transactions - it is filling in codes AA - AD, which are gross receipts for the current and preceding 3 years for this partner, who is a corporation.  There is no foreign income for this partnership and this partner is not foreign.  Why is it filling this in?  Is there a way to fix it?

This topic has been closed for replies.

1 reply

Level 2
January 29, 2021

I am having this problem also with K-1 partner # 2 on each partnership return I have prepared!

I reported this to Lacerte a week ago with a tech assistant on the phone who could not understand

it either. Yesterday I spent 45 min on hold to report it again but Hung up.

This is a serious matter and needs a software fix by Lacerte ASAP!