ProSeries 2020 - Schedule E, Line 28 (e) - Basis Comp

[Gregory E CPA]

Good evening,
Based on the most recent instructions for Schedule E, Form 1040, it appears that a basis schedule is now required to be filed by the taxpayer if their related SCorp Form K1 notes a loss, a distribution, disposal of stock or has a loan repayment.

Questions

1. How are people attaching this information in ProSeries?
Note: I assume the best approach would be to add the schedule as an attachment in the EF Center

a. If so, what is the best ‘Type’ and naming convention for EF Center attachment?

-Currently in ProSeries, Schedule E is not listed from the ‘Type’ dropdown box. I assume people are selecting ‘Other’ and entering a description like ‘Schedule E, Basis Information – EIN XX-XXXXXX’

2. Although the IRS Schedule E instructions do not appear to require the same type of basis reporting for partnerships, has there been other IRS guidance requiring partnership basis schedules?

a. If not, is it a best practice to provide the basis schedule anyway? How are other tax preparers addressing this item?

- Currently ProSeries allows the check box on Schedule E, Part II, line 28(e) that indicates a basis schedule is attached to the return even if the related organization infomation is from a partnership. 

Please provide any other pertinent thoughts, comments or recommendations related to this topic.

Thanks for your help!
-Greg

IRS Reference Information 
https://www.irs.gov/pub/irs-prior/i1040se--2020.pdf
Refer to Page E11

[jhbvtacpa]

I'm having the same issue. My colleague who is using Lacerte is reading the the riot act for not being able to easily do this in any Intuit problem. Why can you check the box and not have a basis schedule worksheet pop-up. Brutal