I filed one in early March and with the help from Intuit community, I was able to finalize the K-1's.  I had assumed when I checked the box in the IRC Elections for the 1377(a)(2) it would carry this over to the K-1 header for the election.  You will need to override the field on the top of each K-l and insert "Section 1377(a)(2) Election Made". 

I had to override the fields on the K-1's to correctly report the income during each accounting period for the year.

I also attached the signed Sect 1377 election to apply specific rules in connection with the termination of a Shareholder's entire interest with the return when I e-filed the return.  The Federal 1120-S was submitted and accepted by the IRS.  If you're filing a North Carolina CD401S, just go ahead and paper file the return. You'll have to override some fields on the NC K-1's and the return will be rejected.  

Hope this helps you!