In TurboTax 2024 business, I am setting up the partner changes for a partnership entity (Form 1065). We had changes in ownership this year - 2 members left on 1/1/2024 and 1 left on 12/31/2024. TurboTax Business 2024 presents a screen where you can first enter the dates when changes occurred. When I enter "01/01/2024" for the 1st change I get the error "Date of Change #1 is not between the prescribed dates." I do not get the same error for the second date "12/31/2024." This prevents the next step from functioning properly (Weighted Average Computation."
I've tried replacing "01/01/2024" with "01/02/2024" and same error. I've also tried swapping change #1 and change #2 to see if the bug is in the data order - the issue follows "01/01/2024." This seems like a bug in the software and is preventing proper display of the Ownership Change Info worksheet.
Anyone else seeing this issue or found a workaround?
We can confirm the experience you have described. Here is a workaround: If you enter 01/31/24 for this field, the error message will be removed. Then go back and enter 01/02/2024. This is the earliest date that the program will accept.
Note that most changes in ownership occur at the end of a calendar month. And those that are effective as of the first of the year are generally recorded as 12/31 of the prior year. Was the prior year Schedule K-1 for the 1/1 partner marked as final? If so, you will need to remove the partner this year and not prepare a K-1.
Otherwise, you can either allocate one day of activity to this partner in the current year or adjust the percentages for the period 1/1-1/2/24 to zero.