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March 7, 2023
Question

Business code for Investment Club

  • March 7, 2023
  • 1 reply
  • 0 views

Hello,

 

We do have an Investment Club based out of NJ and all members are from NJ state as well. We have been using TurboTax Business to file Investment Club taxes and also distribute schedule K-1 to members.

 

Now, the issue is that TurboTax is throwing an error message at the time of transmitting files to Federal and State (i.e. at the time of e-filing) and the message states that the "Business Code" entered on form 1065, item C is NOT valid. However, the code 523910 is a valid one for Investment Club and this is what we used to file 2021 tax return.

 

We also tried with business code 999999, but getting the same error. Can you please help me to resolve this issue? Thank you in advance for your help.

1 reply

CatinaT1
March 7, 2023

The IRS revised business codes, and some are no longer available. I would use code 523900, going forward.

 

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