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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.?
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June 4, 2019
10:17 PM
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Get your taxes done using TurboTax
The $1 rounding should not cause any problems.
June 4, 2019
10:17 PM