In Lacerte, the following critical diagnostic may generate:
The designated rounding partner has no percentage, weighted average, or allocation override entered for profit sharing, loss sharing, or capital ownership; therefore, rounding amounts may appear on this partner's Schedule K-1 even though it should be blank. Please review the rounding partner designation and make the appropriate changes. (ref. #25292)
How to resolve diagnostic ref. 25292
This diagnostic generates if the partner selected as the rounding partner has no percentage, weighted average, or allocation override.
You can change the rounding partner globally or for a specific partnership.
To change the rounding partner globally:
- From the Settings menu, select Options.
- In the Partnership User Options window, select the Tax Return tab.
- Scroll to the Federal Tax Options section.
- Enter the Rounding Partner Number (this should be the Partner's number as listed on Screen 7, Partner Information).
To change the Rounding Partner on a specific client file:
- Go to Screen 3, Miscellaneous Information.
- Scroll to the User Option Overrides section.
- Enter the Rounding Partner Number [O] (code 22) (This should be the Partner's number as listed on Screen 7, Partner Information).
