Will the 2017 Schedule K-1(Form 1120S) be updated to reflect the Federal Tax Cuts and Jobs Act? The S corporation has a F.Y.E. 11/18. How do I enter Code V,W,X Line 17?

[TaxGuyBill · Accepted solution]

The IRS has not updated the 2017 K-1s (yet), so ProSeries won't be able to update it unless/until that happens.

Although the IRS should update the 2017 K-1s, whether or not they actually will is another question.

Personally, I would wait until the 2018 K-1s are "final" (even if you need to file an extension).  The the IRS has not updated the 2017 K-1s by then, I would just include that information as an attachment.