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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.?

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NancyG
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?

The $1 rounding should not cause any problems.

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2 Replies
NancyG
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?

The $1 rounding should not cause any problems.

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?

Great- thanks for your help!

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