schrammrj
New Member

If my paper K-1 differs from the TurboTax calculated value by one dollar (rounding?), can I still e-file, or will this generate an error somewhere along the line?

I received a paper copy of a K-1 (Form 1065).  When I entered the numbers that appear on the K-1 into the TurboTax replica, the calculated value for "Ending capital account" differs from the printed form value by one dollar.  I suspect this may be a rounding issue (with the software that generated the K-1 form I received).  Will this create a problem when I file my return? Will it impact my ability to e-file?  Will it raise a flag and come back to bite me down the road in the form of an audit or require an amended return, etc.?

NancyG
New Member

Get your taxes done using TurboTax

The $1 rounding should not cause any problems.

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schrammrj
New Member

Get your taxes done using TurboTax

Great- thanks for your help!