Due to the changes made to the Schedule K and K-1 codes, ProSeries TY23 has implemented a new checkbox and error message indicating that the codes will require review.
New Check box on Schedule K
New ProSeries Final Review Error Message
This checkbox and error will only activate if the Partnership or S-Corporation return was:
- Created prior to 1/17/24 for Partnership and 1/19/24 for S-Corporation.
- Transferred prior to 1/17/24 for Partnership and 1/19/24 S-Corporation.
- The program is not up to date when the transfer is completed.
For returns transferred or created after those dates, the error message and checkbox will not be required.
Some codes may have changed from previous years. Please review the codes entered and descriptions provided on the Schedule K and Schedule K-1 to ensure that they are being accurately reported. Once reviewed ensure that the box is checked at the top of the Schedule K on 1065 Page 5-6 and 1120S Page 3-5. Also advise that not all returns will receive this error if the return was transferred or created after the dates referenced previously.
