Partnership -SE figures flowing to K-1 do not appear correct

[carolynm]

I'm preparing a 1065 for what amounts basically to a holding company. The business has invested in horse racing enterprises and simply receives 3 Parternship K-1's. On 2 of the K-1's the entity is listed as a limited partner, and on the 3rd nothing is checked off. The 3rd shows SE earnings (negative figure of $300)

I have inputted the K-1's and divided up the amounts amongst the partners and now I see all three K-1s have been factored into the SE Earnings calculations passing through to the individual partners. I have inputted zeros into the box 14 of the K-1 input sheet but the program keeps including the 2 K-1s that don't include self employment earnings in the calculations. I can override but I'd like to know is this my error somewhere or is the a program issue? If a program issue this may be the straw that broke the camels back for me. I'm on the verge of switching...

Looking at the schedule K detail items worksheet calculation for Line 14 it is says it takes Lines 1-3 add them and then deducts line 4. For limited partners this is not correct. I have the limited partner field checked....anything else I could be doing wrong.

Thanks

Carolyn

[kcjenkins]

Did you make any entry on the worksheet for line 14a, Sch K, line 4b? That is where you 'except' the limited partners share.

[carolynm]

Line 14a is 0 across the board....

[kcjenkins]

That is where the problem is, then. You have to tell the program how much of the income is 'exempt' income of the limited partners. You do that on that worksheet.