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When will ProSeries created a flow through from the 1120S to the Schedules K2 and K3 when the company does not have any international activity, but needs to create these form form owners wo claim credits for foreign taxes paid, etc?

Level 1

Since last week, I have been on the phone with ProSeries regarding when the K2/K3s will be available to e-file. Finally, they have been made available to e-file, but the instructions for "Generating the Schedules K-2 and K-3 in ProSeries and entering in the 1040 return" are inaccurate. Specifically, under "How do I generate the K2/K3?," #5 indicates that on the Schedule K-1 Worksheet, you must check the box for each shareholder under Information for Sch K-2. That box does not exist (yet I'm hoping)! ProSeries needs to correct these instructions for S Corporations! 

My work around: On Form 1120S p3-5, if you scroll down to the Schedule K #14 you are able to check a box to indicate you are reporting items of international tax relevance. From there you can Quick Zoom to the Schedule K-2 and manually (unfortunately) prepare the Schedule K-2. 

-My issue is that Inuit Pro Connect has developed the ability to make it all flow through and allocate international activity accordingly. We pay a lot for our software for these solutions to not be shared throughout all of the Intuit products. 

I have escalated this issue to ProSeries, but that more users need to ask that they do this so that they make these changes. Let's get them to work on this so that it saves us time! 

Thanks all!

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1 Comment 1
Level 5

THIS SHOULD BE IMPLEMENTED ASAP.  Lacerte etc have a check box to populate k2/k3

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