FPTE-0040 e-file error
* FPTE-0040: If Form PTE, Schedule K, Section A, line 1 has an amount reported, then it should agree with the sum of Kentucky ordinary income loss from trade or business activities from all PTE Schedules K-1 submitted with this return.
This happens when Form PTE, Schedule K, Section A, line 1 doesn't match the sum of all PTE Schedules K-1, line 1.
Solution
- Go toTax Formsand selectStates, thenKentucky.
- electPTEand go to thePTE, Page 7tab.
- Make a note of the amount on Schedule K, Section A, line 1. This must equal the sum of the partner's amounts.
- Go toSch K-1and add up each partner's Page 1, Section A, line 1 amount (Kentucky ordinary income (loss) from trade or business activities). You can use your right-click menu to clear any possible overrides that may be causing the amounts to not tie out.
- Once in balance, perform a full re-compute, and then re-create the e-file.
