Final K-1, box checked, and Addt'l Info page required?

Forum|Forum|5 years ago
May 11, 2021
6 replies
30 views

I have a final K-1. When running Federal Final Review, the error pops up to complete the Addt'l Info K-1 page for Box20, code L, when there is no input on Box 20. The Partnership stopped operations, terminated with the State, with no assets/liabilities. There is no sale or exchange. Is there a way around this Addt'l Page in order to e-file?

ProSeries Basic

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Just-Lisa-Now-

Intuit Community Champion

Look through the additonal info pages of that K-1, you should find something about Line 20, Code L.

Anytime a partnership K-1 is marked Final it will ask about disposal info on that Page 2. Isnt Page 2 asking about disposition?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

H

hin454Author

Level 2

Yes, but the questions ask if disposition is fully taxable, and what sales price and when was the LLC was purchased, which are not applicable. The LLC ceased operations, and it has no assets or liabilities. The questions are not applicable on pg 2 and that is what is confusing me. Is there a work around? or do i file a paper copy? Thanks.

Just-Lisa-Now-

Intuit Community Champion

so sales price zero. Does he have basis in the partnership that could possibly be a loss he can deduct? if no basis then stick a zero in there too.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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