IA 1065 Schedule K-1 pg1 - partner share % not being applied to Partner's Share of Receipts

[michston]

This seems to be a bug.   Has anyone else noticed this?

On the IA 1065 state return in TurboTax Business, the partner's Schedule K-1 seems to be incorrect for the following 2 fields on page 1:

        Partner's Share of Iowa Receipts and Partner's share of Receipts Everywhere.

Both fields are showing the total (100%) value from the 1065 Schedule C line 12 instead of applying the partner's ownership percentage to the total to get just their share.

Thanks,
Michelle

[AliciaP1]

It would be helpful to have a TurboTax ".tax2022" file that is experiencing this issue.

You can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions: 

At the top menu in the black line at the top of the page go to Online. 

1. From the menu, select Send Tax File to Agent. 
2. You will see a message explaining what the diagnostic copy is.  Click Send and then you will get a Token number. 
3. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.  

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

@michston 

[michston]

Thanks.  Token is 1105253

[AliciaP1]

Upon review, I see the IA Schedule K-1s updated and showing 50% of total income reported on the Federal 1065 and then a much smaller amount for Amounts Attributable to Iowa.  You may need to update your software before proceeding.  To do this in TurboTax Businesss you can click Online in the black menu bar at the top and Check for Updates.

@michston 

[michston]

I updated before my initial email and just did it again (no new software updates were available), but I still see the same problem.  

The total business gross receipts for 2022 are $37,159 and total Iowa-source gross revenue is $14,728 .  This amount is shown on the IA 1065 Schedule C line 12.  The lion's share of the business income is from rental property so you can see that on Form 8825 on the Federal 1065.   

Each partner has a 50% share.   So the Partner's share of Iowa Receipts showing on page 1 of each of the partner Iowa K-1s should be half of the total, or $7,364.  Same thing for the Receipts Everywhere.  Is that what you see when you view my file?  I still see the 100% amount.   I've attached a screenshot of those lines from  the IA K-1 on my system.   

Any other ideas?

[michston]

Alicia -

One other thing related to those 2 fields seems incorrect. 

If the BAR in Schedule C line 13 is 100% (meaning all income is from Iowa sources as is the case with another of my businesses), those 2 fields we've been discussing above are left blank. 

Per my reading of the Iowa Dept of Revenue's instructions, those should be filled in with the partner's share as computed = Partner's Ownership % * info in IA 1065 Schedule C line 12.   In this case, the two numbers would be the same but they should be populated vs. being left blank.

[michston]

@AliciaP1 - were you able to figure this out?   Doing a software update did not fix the problem for me.