I am preparing a 1065 my balance sheet is out of balance by the Roth IRA contributions for the partners. I reduced the guaranteed payments by that amount and now it balances. Is that correct? can someone explain? I put it on the K-1 correctly code R
Was the Roth amount originally included as a GP? If so, your solution is correct.
the roth was originally included in gp ( that was why I was out of balance) so I deducted from gp in the deduction screen . that worked
is that correct
how else would it be shown?
I just wanted to make sure you weren't out of balance by some other amount. :) I believe the presentation you have now is correct.
