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Sec. 6221(b) elect out of the BBA

Donna1
Level 4

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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Accepted Solutions
George4Tacks
Level 15

Screen 5  at the bottom. 


Answers are easy. Questions are hard!

View solution in original post

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5 Comments 5
George4Tacks
Level 15

Screen 5  at the bottom. 


Answers are easy. Questions are hard!
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Donna1
Level 4
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.
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George4Tacks
Level 15
Look at schedule B-2

Answers are easy. Questions are hard!
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Donna1
Level 4
Oh my gosh!! Thank you so much!!!
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George4Tacks
Level 15
By George! You are welcome!!!!

Answers are easy. Questions are hard!
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