- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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.?
Topics:
1 Best answer
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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?
The $1 rounding should not cause any problems.
2 Replies
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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?
The $1 rounding should not cause any problems.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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?
Great- thanks for your help!
Still have questions?
Make a post
Or browse the Forums