Hi,
I'm using TurboTax 2019 Business. I've completed the federal part of the preparation with no errors but when I review my taxes for state it picks up an errors
Error: Total Profit % beg year does not equal 100%. Adjust one or more partner's profit percentage
My Federal and State Schedule K-1 Worksheet data is the same. This issue does not appear in the Federal K-1 but only in the California State K-1.
The following cells are highlighted red
Total profit percentage - Before - 0.00000 - End of year 100
Total Loss percentage - Before - 0.000000 - End of year 100
Total Ownership of capital percentage - Before - 0.000000 - End of year 100
I started this partnership in July of 2019. Both partners will be filling K-1 for the first time for this business. I have Before set to 0 as turbo tax recommends this since these are the initial K-1. I spoke with Turbo tax support for about an hour regarding this issue and we were not able to find the solution. I'm hoping someone can guide me in the right direction or establish this is a bug within Turbo Tax 2019 Business California State.
Thank you in advance for the help.
