When will Schedule K-1 Box 12 Code C be ready?

[Dadani]

For about a week, the message was that it would be ready by February 28.  On February 28, the message changed to "... under development and will be ready by March 6." 

It is now March 12.  I would like to finish and file my taxes.

[PatriciaV]

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.

[j5fourj]

This issue is getting very frustrating.  This is the only issue preventing me from filing.  I pay for TT in December each year only to find out you have not finished the programing.  This delay is the longest I have ever experienced.  Please expedite the programming!

[Dadani]

Any update on this, since the software update from yesterday is ".. under construction and will be ready by the end of March."?

I get that the IRS rules changed late.   And I get that programmers need to do the work, and do testing, and make sure that new changes don't break old code, etc. etc.

But I would like to file my taxes.  

Intuit will not be getting my money next year.  I already cancelled a QuickBooks subscription and moved my bookkeeping elsewhere.  Replacing software I only use once a year will be even easier.

[j5fourj]

Dear TT,

I am still waiting for the programming update for Schedule K-1, Box 12 , code C.  First you said it would be late February, then March 6, then Mar. 20 and now the end of March.  This is the only item holding up filing my taxes and I have waited over a month for you to do your work.  The IRS was done with this section of the Code months ago.  I have read the Code and there are no issues with using code "C" for an S-Corp.  I paid for TT in December and still do not have a functional product.  Please expedite the roll-out of this part of TT.

Stephen Miller

[CatinaT1]

This should be corrected now. 

Make sure you have ran all updates. 

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