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March 3, 2024
Question

K1

  • March 3, 2024
  • 1 reply
  • 0 views

I have $7 dollars in interest income split between 10 LLC members and K1 worksheet is showing -$2 for one member and it comes up as an error.  All members have the same ownership %.  It almost looks like a rounding error.  Any ideas on how to fix this?

1 reply

Employee
March 3, 2024

@bswindle wrote:

Any ideas on how to fix this?


One possible solution is simply to input $10 instead of $7 on your 1065. $7 divided by $10 is $.70 (70 cents) which would round up to $1 on the members' K-1s anyway. This way, each K-1 would show an even dollar.