ProSeries cannot specially allocate K-3 items... dropped the ball here

[dougrice]

Intuit / Pro Series added the K-3 input screens for 2021 partnership tax returns...

Looks like they forgot to add a box for special allocation codes in the K-3 input screen.

The K-3 will allocate according to your P&L profit/loss percentages... which in the hedge funds I prepare, have no relevance to the allocation of numbers.

This is a BIG oversight by Intuit.  What good is their partnership software if I have to override EVERY number on EVERY L-3.

Time to start an insurrection against Intuit.  This is a very poor product.  How can they get away with this

Doug R

CPA

[TaxGuyBill]

While I agree the it is poor product and Intuit is to blame for many things, this is not really one of them.

It is a new form, the IRS didn't release the form until VERY late, and even when they did release it, they did not do it in the XML programming.  It in this case, it really was the IRS the dropped the ball.  While it would have been great if Intuit was super on-the-ball and have set it up fully this year, that isn't really their fault.

If Intuit does not do it by next year (after the IRS gives the proper programming for the form), yes, you are right, Intuit would be to blame.

[dougrice]

Bill

I disagree.  Yes the IRS released the form late... as is their custom.  But hard hard would it have been to Intuit to be working on this during 2021.  We had draft forms, and all I am complaining about is the inability to specially allocate on the K-3.  I paid for fully functioning software.  INTUIT BLEW IT.