abs96
Level 3
03-27-2022
02:11 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a K-1 where I1 and I2 show that it is for a retirement plan "IRA/SEP/KEOGH"
When I try to enter it into ProSeries, it comes up with an error message saying "Retirement Plan checkbox is checked indicating that the K-1 is for a retirement plan and should not be entered on an individual's return." It says I should either uncheck the box or remove the form.
Is there somewhere else I need to report this?
Best Answer Click here
Labels
abctax55
Level 15
03-27-2022
02:20 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
No. IRA activity isn't reported on the individual's return until it is distributed via F 1099-R.
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
( Generic Comment )"
abctax55
Level 15
03-27-2022
03:36 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
YVW.... the issuance of those is sorta new (last five years?) and is very confusing - especially to clients and especially when they show up AFTER the F 1040 has already been filed <w>.
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
( Generic Comment )"