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This article applies to:

  • Product: GoSystem Tax RS
  • Return type: 1120 Corporation
  • State: Alabama,Arizona,California,Idaho,Illinois,Indiana,Kentucky,Maine,Minnesota,Montana,Nebraska,New Jersey,New Mexico,North Carolina,Ohio,Oklahoma,Pennsylvania,South Carolina,Texas,Utah,Virginia,West Virginia,Arkansas,Colorado,Connecticut,Delaware,District of Columbia,Florida,Georgia,Hawaii,Iowa,Kansas,Louisiana,Maryland,Massachusetts,Michigan,Mississippi,Missouri,Nevada,New Hampshire,New York,North Dakota,Oregon,Rhode Island,South Dakota,Tennessee,Vermont,Washington,Wisconsin,Wyoming
  • Subject: e-file

F1120-354-01 e-file error

Form 1120: Rule Number: F1120-354-01 Form 1120, Line 8 must equal Schedule D (Form 1120) Part III Line 18.
This happens when the amount reported on Line 8 of Form 1120 (U.S. Corporation Income Tax Return) does match the amount calculated and reported on Line 18 of Schedule D (Form 1120), which is "Capital Gains and Losses."

Solution

  1. Go to
    Tax Forms
    ,
    Federal
    ,
    Sch D/8949-Capital Gains and Losses
     folder.
  2. Remove negative numbers
    1. Lines 16
      ,
      17
      , and
      18
       won't populate with negative amounts since the lines refer to gains.
    2. Line 18
       won't populate if
      Lines 16
       and
      17
       aren't populated, and won't equal 1120 page 1, line 8.
    note
    Either the negative amounts will need to be removed, or the return will have to be filed on paper.
  3. Go to
    Organizer
    ,
    Income and Deductions
    ,
    Income
     folder.
  4. Go to the
    Line 31-620 Capital gain net income
     line if no detail is entered on
    Schedule D
    .
  5. Clear the
    Carry Capital Loss to Page 1
     checkbox.
  6. Do a full recompute and recreate the e-file.

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