K1 and Basis of gassification - What is going on here!?!

Forum|Forum|2 years ago
March 9, 2024
2 replies
0 views

I finally got the "check return" stage for my taxes.

I keep getting errors asking me to enter the "basis of gassification" for my K1 limited partnerships. These are not oil and gas business. Other posts seem to suggests that this triggered by entering Box 20 Code AJ information.

When is Intuit going to fix this? This seems like an absolutely egregious bug. Every year turbotax gets worse and worse, but if this isn't fixed in the next week so I can file this will have to be the last year for me. Looks like I'll be filing an extension and finding another preparer. Is Intuit actually just trying to funnel us to paid professionals.

Before I give up, does anyone have a solution that at least gets me through this years return?

PatriciaV

Employee

The incorrect identification of Box 20 Code AG/AJ will be addressed in a forthcoming update. We recommend signing up to be notified when the update is released: Why am I receiving an error in TurboTax for Schedule K-1 Box 20 when code AJ is selected?

However, since this information will be used only if your net losses from all businesses are more than $289,000 ($578,000 if filing a joint return), you have the option to omit the code and the amount(s) from Schedule K-1.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

vosskoAuthor

When is this going to be fixed? I mean really, we are 3 weeks out from filing. This is not a subtle error. It is just an amateurish programming mistake that should be trivial to fix. Seriously, how is it possible for such a ridiculous bug to take so long to correct? If anyone on my engineering team functioned like this, they would be fired within the week.

I tried the updates this morning and still no fix. Please indicate which day before April 15th this flaw will be fixed so all of us can use our time more effectively or file extensions and seek other options.

spaloni

This is ridiculous come on Turbo Tax fix this!!!!!!!!!!!!!!!

Bwhitehead

Thank you for reporting this bug. I was getting the same thing and losing my mind. Now at least I know I am sane and there is a bug in TurboTax.

Now I will read on and see if anyone has a recommendation to get around this. TurboTax says to bypass electronic filing and mail it in. That really leaves a lot to be desired