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Level 1
January 16, 2024
Question

Proseries K-1 adding ghost K-1 and switching basis statements

  • January 16, 2024
  • 5 replies
  • 17 views

If return had a final K-1 in 2022, the 2023 program is pulling a ghost K-1 that is blank into the system that cannot be deleted and switching the basis statements.

 

This is happening on 1065 and 1120-S.  Got the run around when calling Proseries for over an hour being transferred between 3 agents and was basically told it was my computer and there isn't a glitch in the program....

 

Has anyone else had this issue?

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5 replies

IRonMaN
Level 15
January 16, 2024

Yeah, been there done that a couple of times.  I tried a bunch of things and I don't remember which one actually worked.  I would try making a copy of the 2022 return.  Delete the final return K-1, adjust ending basis and ownership percentages for the remaining owners and then transfer that return over to 2023.  

Slava Ukraini!
rbynaker
Level 13
January 16, 2024

@IRonMaN wrote:

Yeah, been there done that a couple of times.  I tried a bunch of things and I don't remember which one actually worked.  I would try making a copy of the 2022 return.  Delete the final return K-1, adjust ending basis and ownership percentages for the remaining owners and then transfer that return over to 2023.  


Wow, what a PITA.  Sounds like this ghost has been around for years.

IRonMaN
Level 15
January 16, 2024

If I remember correctly, we had the issue with a 2021 and a 2022 return.  The ghost sneaks up on you.  It would be nice if he would carry some chains so you hear him coming. 👻

Slava Ukraini!
rbynaker
Level 13
January 16, 2024

Wow, that's messed up.

If they find there's a glitch (you know, 2-3 weeks from now) and they fix it (2-3 months from now), you're probably going to have to retransfer anyway.  So I might be inclined to go back 2022, un-final the K-1, roll to 2023, and then delete that K-1.  You could rename your 2023 "ghost" file to filename-broken so if the work-around doesn't help you're no worse off than you are now.

I can think of no reason for this behavior on an 1120S (other than gremlins).  My first thought with a 1065 is that maybe you tried to go from 2 partners down to 1 partner and the software got grumpy trying to have a partnership with only 1 partner (and rightfully so, that would have been a termination in 2022).

Good luck.  Either way, post back if you find a solution.  It might help someone else.  Maybe someone else can chime in if they're run into a similar issue.

Rick

Level 2
January 17, 2024

Yes I had same issue. I just deleted the file and started a new return