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Level 4
December 7, 2019
Solved

Sec. 6221(b) elect out of the BBA

  • December 7, 2019
  • 1 reply
  • 14 views

Is there an election in Lacerte for the Sec. 6221(b) for a partnership to elect out of the BBA regime (new audit rules)?


If Lacerte does not have the election, what is the procedure to make the election in the program.

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Best answer by George4Tacks

Screen 5  at the bottom. 

1 reply

George4Tacks
Level 15
December 7, 2019

Screen 5  at the bottom. 

Answers are easy. Questions are hard!
Donna1Author
Level 4
December 7, 2019
One more question: I have checked both boxes (Partnership elect out and Include partner notification on K-1) and I see the notification on the K-1 but I do not see the election anywhere on the tax return. It is not on the Elections sheet. Also, I do not see where to list the partners names, ID and classification.