My software is pulling the guaranteed payments to partners into both line 10 as income and line 13 as a deduction, thus zeroing it out. Is there something I don't know about guaranteed payments in Arkansas? Software company is looking into it, but I can't imagine I am the first person to have this problem this far into tax season. But I also can't imagine that it is correct. If anyone can shed some light on this, please do so.
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Hardly a Beacon
to shed any light on this but:
1) Is this happening on the Federal 1065 Return as well or just the Arkansas Partnership Return?
2) Check for compensating offsets that may have the effect of creating income to offset expense. Some keypunchers may do this to achieve an incorrect perception of what the K-1 should look like, not knowing the problem they might create for you when you review. -
Not on Federal 1065, just Arkansas return.Comment
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