1065 & K-1
You don't have to worry about rounding errors.
Ira Smilovitz
In a message dated 2/1/2012 1:33:01 P.M. Eastern Standard Time, writes:
My 1065 has a total $, and it is divided up to our members equally. But, when I add the K-1's up it is higher that the total on my 1065. I know why, but I'm curious if this should be addressed or leave as is? The k-1's all have .50 which is rounded up to the nearest $. That rounding up makes the sum of the K-1's higher than the 1065.
1065 = $972
8 K-1's = $122 ($972 / 8 = $121.50)
8 X $122 = $976

So in the above example, the total of the K-1's are 4 dollars more that I'm reporting on the 1065.

Advice is appreciated.