Partner Schedule K-1, Part III, Line 1 incorrect

Default ratios

Review your Sch K values. Go to the folder
Tax Forms
,
Federal
,
1065 - US Partnership Return of Income
.
Go to the Page 5, which is the
Schedule K
.
The
Line 1
description is
Ordinary business income (loss) (page 1, line 23)
. You need to review the
Page 1
of the Form 1065 if the
Sch K
,
Line 1
is incorrect here.
Review your default allocation ratios. Go to the folder
Organizer
,
Partner Information
,
Partner by Partner Data
.
In the folder
Columnar Partner Entry
, go to the
Ratios\Units
tab.
Review and change any of your default Ratios that are listed in the
Partners’ Ratios or Units
section.
Do a full recompute when you finish your changes.

Schedule K

Go to the folder
Organizer
,
Schedule K
, and
Income Summary
.
In the
Income Summary
tab, the
Schedule K Line References
begin with Line
1 Ordinary business income (loss)
. Entering a value and special allocation code here can update your Sch K-1 Part III Line 1.
Do a full recompute when you finish your changes.
note
There is a
Warning
here that states "
If you want to enter special allocation code on the above field to specially allocate Schedule K-1, line 1, you should not enter special allocation codes on any screen on Organizer | Ordinary Income and Deductions | Income Summary, or Organizer | Ordinary Income and Deductions | Deductions Summary. Otherwise, the amount on Schedule K-1, line 1 might be over allocated.
"

Pass through entities

Go to the folder
Organizer
,
Activity Information
, and
Pass-Through Entity
.
Either open an existing Pass Through Entity entry, or select
Add new Pass-Through Entity
to enter a new Pass Through.
Go to the
Pass-Through Entity Activity,K-1 Line, Lines 1-15
tab.
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.
Do a full recompute when you finish your changes.

Go to
Organizer
,
Partner Allocations Enabled
.
Select the
Missing Partner K-1 Amounts
button.
Do a full recompute when you finish your changes.