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Partner information and Schedule K-1
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This article applies to:

  • Product: GoSystem Tax RS
  • Return type: 1065 Partnership
  • Subject: e-file

Error: Partner Schedule K-1, Part III, Line 2 incorrect data

Schedule K-1 Part III Line 2 displays incorrect data when the income summary amount and special allocation code aren't entered.

Schedule K

To resolve this issue, enter the income summary amount and special allocation code, then run a full recompute.
  1. Go to
    Organizer
    Schedule K
    Income Summary
    Income summary
    Line 2
    .
  2. Enter the amount and the special allocation code.
  3. Run a full recompute.

Pass through entities

The 2nd method for populating the Sch K-1 Line 1 in Tax Forms is from the Organizer section for Pass Through Entities.
  1. Go to the folder
    Organizer
    ,
    Activity Information
    , and
    Pass-Through Entity
    .
  2. Either open an existing Pass Through Entity entry, or select
    Add new Pass-Through Entity
     to enter a new Pass Through.
  3. Go to the
    Pass-Through Entity Activity,K-1 Line, Lines 1-15
     tab.
  4. Review the entries under the
    Income (Loss)
     section for the Schedule K-1
    Line 1 Ordinary income (loss) from pass-through entities
     line. You can use an amount and allocation code here.
  5. Do a full recompute when you finish your changes.
  6. If the amounts are still not allocated to the Tax Forms properly based on your Organizer entries:
    Go to
    Organizer
    Partner Allocations Enabled
    .
  7. Select the
    Missing Partner K-1 Amounts
     button.
  8. Do a full recompute when you finish your changes.

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