Sec. 6221(b) elect out of the BBA

[Donna1]

Is there an election in Lacerte for the Sec. 6221(b) for a partnership to elect out of the BBA regime (new audit rules)?

If Lacerte does not have the election, what is the procedure to make the election in the program.

[George4Tacks · Accepted solution]

Screen 5  at the bottom. 

[Donna1]

One more question: I have checked both boxes (Partnership elect out and Include partner notification on K-1) and I see the notification on the K-1 but I do not see the election anywhere on the tax return. It is not on the Elections sheet. Also, I do not see where to list the partners names, ID and classification.

[George4Tacks]

Look at schedule B-2

[Donna1]

Oh my gosh!! Thank you so much!!!

[George4Tacks]

By George! You are welcome!!!!