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I don't have time to hang out with customer service while they try to understand this, then write it up and pass it up the food chain. So I am posting this here in the hope someone from ProSeries looks at this and sends it to get fixed.
If you elect out of the centralized partnership audit regime, a nice footnote prints on each K-1. If you meet and elect the domestic filing exception for Schedule K-3, a nice footnote prints on each K-1. If you elect BOTH of these, one footnote overwrites a portion of the other, resulting in a tax word salad.
This is the temporary override until, if ever, it is fixed. You can elect the audit regime only and print it out. Then un-elect it. You can then elect the domestic filing exception only and print it out. Then go back and elect the audit regime. Look at what printed out and then override the lines and manually type in the correct text for each. Works fine if you have two or three partners. Not so sure anyone will be a happy camper if they have more partners.
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I was unaware P.S. had built-in the K-3 filing footnote. I don't see where to create that. Instead I create my own footnote for that. But I do it as below:
(1)
Per IRS instructions, this entity qualifies.....
(2)
--- this I leave blank so the election out of the centralized ptshp audit regime prints below it. The (1) and the (2) creates a better looking presentation of footnotes than the way P.S. does it.
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We had two partnership returns finished up at pretty much the same time a week or two ago. One worked fine and printed both blurbs and the other didn't. Both partnerships had two partners. It's simple stuff like this that always leaves you scratching your head about Intuit.
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