How to adjust a K-1

[alcharhall]

How do I amend/adjust an individual K-1? Turbo Tax is struggling to recognize its own internal rounding error as it applies property basis between the separate individual K-1s.  I received the following summary error in during the final error check process, "Form 1065 p 4-5 -- 199A Sum Wks: Activity total: UBIA tot is less than the sum totals from all of the Schedule K-1 - 199A Supplement by 1.  Adjust Schedule K-1 amounts as necessary."  How do I go manually go into a single K-1 and make the $1 rounding adjustment?  Any help would be greatly appreciated.  I have never had this problem with Turbo Tax in previous years.  It is rather peculiar that I am getting this error after all of these years. 

[JulieCo · Accepted solution]

You hare correct that you have encountered a "rounding" error.  Most of the time this is caused by entering values with dollars and cents into TurboTax.    You can fix this in FORMS mode of your tax return.  See the steps in the link below to be brought to FORMS mode.  You will need to adjust one of the 199 amounts on a K-1 forms down or up $1 to bring the total of all K-1 supplement worksheet forms to agree with the summary 199A amount on the 1065 form. 

Once in FORMS mode, you can select which form to review on the left-hand side. See the sample screenshot below.  First, add up the total for each of the amounts on each K-1 199A Stmt column and compare this to the total for that column that is on the 199A Sum Worksheet for the 1065 form.  You can find each of these forms by looking on the left side of the screen and selecting them.  If the sum all K-1 199A column's is $1 off from the summary K-1, then select ONE of the K-1 199A Stmt forms and adjust the 199A Stmt form amounts up or down by $1.  This should eliminate the error. 

Here is how to switch to FORMS mode in TurboTax Business: 

https://ttlc.intuit.com/replies/3339204

[Edited 2-11-19|6:16pm]