Does anyone know why Proconnect is NOT warning us that K2 and K3 will be required on 11120S and 1065 returns?

Forum|Forum|4 years ago
February 10, 2022
3 replies
25 views

This is evidently a requirement and the forms are still in draft. There is nothing in Proconnect that addresses this.

ProConnect Tax

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Best answer by abctax55

Evidently.... yes, per all the IRS instructions and most CPE I've taken .... K-2 & K-3's are required under most circumstances.

Perhaps this Lacerte (PTO's big sister) info article will help:

https://proconnect.intuit.com/community/lacerte-tax-news-updates/discussion/e-filing-returns-with-schedule-k-2-and-schedule-k-3-in-lacerte/01/195824#M417

abctax55Answer

Level 15

Evidently.... yes, per all the IRS instructions and most CPE I've taken .... K-2 & K-3's are required under most circumstances.

Perhaps this Lacerte (PTO's big sister) info article will help:

https://proconnect.intuit.com/community/lacerte-tax-news-updates/discussion/e-filing-returns-with-schedule-k-2-and-schedule-k-3-in-lacerte/01/195824#M417

HumanKind... Be Both

T

TaxGuyBill

It is not a requirement is EVERY case, so why would the software tell you something that might not be required?

C

cdicfoAuthor

Level 4

Because, in some cases, you would not know if it were required or not and best practices are to included it. I happen to be lucky that the one 1120S I have filed has shareholders with no foreign tax credit issues. Proconnect tends to be pretty on spot even if you have to use Lacerette to figure out how to get where you need to be. In the information section, the program asks if you need a 114 - it could also ask if you need K2 and K3.

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