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T
terrycpa
Level 4
February 23, 2023
Question

SC 1120S line 1 is incorrectly calculating

  • February 23, 2023
  • 1 reply
  • 15 views

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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1 reply

E
Ellie2020
Level 2
February 24, 2023

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).

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