misskeiko
Level 4

Hello,

I find the capital account on K-1 is different from the one calculated by Lacerte. The current year net income(loss) is always different...Lacerte is using all the numbers i entered to calculate. I am sure i entered all the numbers right. But somehow the current year net income is wired on K-1, which does not equal to the calculation. Can i use other current year increases(decreases) to basis to adjust Lacerte and keep it the same as K-1?

Thank you!

0 Cheers
sjrcpa
Level 15

Capital account does not equal basis, except in rare circumstances.


Ex-AllStar
misskeiko
Level 4

I know there are some differences, especially the liabilities. But do you know why the income is different? Thank you!

0 Cheers
PhoebeRoberts
Level 11
Level 11

Rounding, book-tax differences, inside-outside basis differences, weird capital adjustments from other pass-through entities.

View solution in original post

misskeiko
Level 4

Thank you!

0 Cheers