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Form 1065 Sch K-1 is printing supplemental info for Item L, why?

Level 2

Form 1065 Sch K-1 is printing supplemental info for Item L, I do not want it. I have no capital amounts entered so It only prints this heading: "Item L. Partner's Capital Account Analysis: Tax basis" . On the Information Worksheet I have marked the Partner Printing Options No for "Print detail for Item L, Row C on each partner's Sch K-1".  I have marked the partnership is not required to file Schedule M-3 for question 4 on page 2 and I have selected No to complete Schedule L, even though not required on the Completion of Schedules L, M-1, M-2, etc Smart Worksheet. What else do i need to do to stop if from printing on the supplemental info?

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3 Replies 3
Level 3

I am having the same issue. Another bug in ProSeries that needs to be fixed.

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I called on this same issue two weeks ago.  Was told they know about it but still nothing has been done.  I'm even fine with it if there was a way to enter just the amount.  But I can't figure out how to do that.  Hello ProSeries, what's the story with this?  It is already the middle of February!!!

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This error is not allowing the tax basis capital amount to print for negative basis as required per the IRS instructions. Are we supposed to wait to file 1065 returns? Why is this error not fixed yet and why are we not even notified that the software is not complete? At least let us know if Proseries is planning to fix so that the returns will be correct. Do they plan to send a notice at the end of filing season telling us how we can file amendments like last year's Section 179 error? The least they could do is offer billing credits for the unbillable time we waste trying to figure a way around the problem.

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