Box 12 code on K1 showing as an error

Forum|Forum|2 years ago
February 28, 2024
4 replies
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The code G is correct and there was no problem with it last year.
When I go to forms in the desktop version of TT it is red and when I delete the G it is okay, but then it does not match what is on my K1.

TurboTax Online

JulieS

Level 15

We'd love to help you complete your tax return, but need more information. Can you please clarify your question?

What type of K-1 do you have 1065, 1041, or 1120-S?

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gbarber52Author

Level 2

K-1 1120S

BMT2

Level 2

According to the Tax Help within TurboTax, Box 12 Code G is not supported for Qualified Conservation Contributions or any other 100% charitable deduction. The program allows for up to 60% of income for cash contributions or 50% for non-cash contributions.

Your options are to use Code A for 60% Cash Contributions or Code C for 50% Noncash Contributions. (Note that code C is not fully implemented in the current version but should be in a later update.)

The contributions amount you enter from Schedule K-1 flows to Schedule A on your personal tax return. If you don't have enough other deductions to be over the standard deduction, how you report charitable contributions would have no effect on your taxable income.

I'm getting the same error when entering the information from my K1. I created this K1 using Turbotax Business 2023 and it should represent the cash donations my business made during the year. I didn't choose the code G for this item, it does it automatically. Any suggestions on how to fix this from either side? Is there a better code that represents cash contributions that are passed through via K1s?

hjones022

Level 2

This is still showing as an error when I do a review of my federal taxes and says that K-1 S corp Box 12 code c is still under development and will be available by March 6th. I've called Turbox tax, removed and re-added the K-1 forms, updated my oeprating system and it's still showing an error. Any suggestions or is turbo tax working on this bug?

Thank you.

PatriciaV

Level 15

The IRS made significant changes in Schedule K-1 for tax year 2023, adding dozens of new codes for several boxes, including new requirements for Form 8283, Noncash Charitable Contributions, which affect Schedule K- 1 Box 12 Code C.

Our programmers have been working to implement those changes for personal returns, connecting the new codes to appropriate Form 1040 lines and forms. Form 8283 is estimated to be ready by March 20, 2024.

Because updates are released after business hours Pacific time, we recommend you wait to update your software the next day, run Review again.

@hjones022

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hjones022

Level 2

Thanks for the update - I'll wait until March 21st to re-check. Really appreciate the reponse!

mchernick

Level 2

It's now April 8th and when I go into TurboTax it still says your bug can't be fixed and to come back after April 5th. Is there at least a new estimate to when it will be fixed or is the bug fixed and for some reason I am still getting the error message.

PatriciaV

Level 15

Box 12 Code G is not supported in TurboTax for Qualified Conservation Contributions or any other 100% charitable deductions. TurboTax does allow for up to 60% of income for cash contributions or 50% for non-cash contributions. You have the option to use Code A for Box 12 to enter the Contributions from Schedule K-1.

This is a program limitation, not a programming issue. No change is planned for the 2023 tax year.

@mchernick

@sallymillsward

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mchernick

Level 2

FWIW the error message I had wasn't for a code G as I wasn't using it.

The error message I was getting said that it was a known bug in K-1 that would be fixed on a release coming April 5th or later. If that is false information and the April 5th date definitely was then the error message you get after your K-1 is rejected should be changed.

Finally, after going through customer support chat they customer support people decided the best solution for my K-1 problem was to give me the desktop version of your software I was using the online version.

It cost me a couple about 2 hours of time to re input my data from the online version to the desktop version and $25 as they wouldn't give me the state electronic transfer for free even though I had already electronically transferred and rejected my state return once. However, the bottom line was the desktop version didn't have the same bug that the online version had and my return was accepted.

sallymillsward

Level 2

This seems to be an ongoing issue as I have spent 2hrs on the phone with TurboTax. They cannot resolve the G code issue in order to file taxes. When will this be resolved?