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K-1 instructions are not printing with the 2020 1065 K-1's like they used to

eastexcpa
Level 2

Is this new for 2020, or an oops for Intuit?  Maybe an oops on my part?

Thank you!

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1 Solution

Accepted Solutions
msmith7305
Level 7

Well, I looked at the IRS website and now see what the issue really is. There is no separate Code page for the K-1 for either the 1065 or 1120S.

I understand why ProSeries does not have one.

This is going to be fun season.

 

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13 Comments 13
IRonMaN
Level 15

I think that is an Inuit oops since they aren't printing on for the 1120S returns either.


Slava Ukraini!
ihan
Employee
Employee

Hi, I am part of the ProSeries Fed business development team.

If you are referring to Schedule K1 Page 2 List of codes and descriptions, it is no longer with Schedule K1 in TY20.  Instead, IRS moved the page 2 with the schedule K1 instruction. This would apply to both Partnership and S corporation. 

msmith7305
Level 7

What do you mean they "moved" the instructions?

Are you saying these are not available to be printed from the program?

Do they print with the client & preparer copy?

Do they print when you just print the K-1s?

ihan1
Employee
Employee

List of codes and descriptions can be found in Form 1065 Schedule K1 instruction page 21-24 and Form 1120S Schedule K1 instruction page 24. The page numbers might be subject to change as we currently have draft versions of the instruction.  It will no longer print with Schedule K1. 

0 Cheers
msmith7305
Level 7

Does ProSeries realize how dumb this is? Our clients would like to give the codes to all the Partners and Shareholders.

So now we are going to have to print these from another source?

That is ridiculous, in my opinion.

The code page should still be available for printing with client copies like they always have been.

Makes no difference with the IRS filing copy but the K-1 recipients are not going to be happy.

 

msmith7305
Level 7

Well, I looked at the IRS website and now see what the issue really is. There is no separate Code page for the K-1 for either the 1065 or 1120S.

I understand why ProSeries does not have one.

This is going to be fun season.

 

eastexcpa
Level 2

Thank all of you for your replies.  Once again, it seems, the IRS took something that was not broken and in the process of trying to "fix" it made the situation much worse.  Sending the full K-1 instructions out with the K-1's makes no sense, it would double the postage and traumatize the K-1 recipients.  We need something that is simple, concise, and fits on one page.  There's not a lot of codes on the K-1's I send out, so I put them on one page that is printed on the reverse of the K-1's.  It has actually reduced the amount of paper I use, simplified stuffing the envelopes, and reduced the postage when sending out more than one K-1 in an envelope.  Happy tax season to all!

C2 Tax
Level 1

Where did they move it to?

0 Cheers
sjrcpa
Level 15

See ihan1's post.


Ex-AllStar
C4U
Level 3

Agree with others this is terrible!   And the list of codes is not in the instruction on irs.gov - for one the K-1 1065 only has Instructions for 2019, 2020 not up yet.  

And this is going to be a hot mess.   Can't they fix it in the software and make the code list available to print with the K-1 for the client?  

Highly disappointed in this years software overall.  Cities are a mess and have been terrible last few years - doesn't populate or populates wrong.  Errors on state that need overridden.  Same with School District.  

Too much many for decreasing quality. 

 

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dmat
Level 3

Bottom line, I take it that the K1 instructions are no longer required to be provided to K1 recipient with the K1 correct?

 

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Nazneen
Level 1

I am referring to the form number and year of tax form that is printing incompletely (for 2020, just 0 and 0 is printing and the 2s are dropped and for 1065, just the 1 and 6 are printing with gaps in the middle)

we have already updated windows and are of course running Windows 10

Proseries 2020 is becoming more and more regimented to run with simple features eliminated.  eg email address NOT showing up on All tax returns Home Base view.  

since there is no field in home base view to put client-specific simple notes, we were internally using this field.

unfortunately, more and more dissapointed with Intuit products each year!

0 Cheers

It's not Proseries.  It's Rettig of the IRS.  He's a complete Buffoon.  The faster Biden annexes that idiot, the better.

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