@rv2,
Thanks for the concise description. I'm experiencing the same issues (TT Premier vr 4.4.9 download on MacOS).
I'd add that on the (Enter Deduction Information) screen, not only do the TT column names not match those from the IRS, but the instructions "On your Schedule K-3, go to Part II, Section1, Line 54..." is also incorrect. Line 54 is actually in Part II, Section 2 - Deductions.
I also observed that printing the return doesn't produce a proper Schedule K-3 document either, not even when selecting "All forms & worksheets".
What we are clearly seeing is a buggy, incomplete and unreliable TT implementation of the Schedule K-3.
I recognize the IRS only came out with the final form (Schedule K-3, Form 1065) on March 20th, so the implementation was necessarily rushed. Still, it would be nice if TT would just be honest and admit their software is incomplete and provide clear guidance on when a final fix will be available.
Given the unreliability of the current software, I'm considering two options:
1) Filing for an extension and waiting until TT has this issue fixed properly (?)
2) Printing the TurboTax return as is (with box 16 checked on my K-1) and swapping out any relevant TT K-3 pages with the K-3 provided by my REIT.
The second option is a bit messy and might require an amended return later on. But in my case, all of the K-1 income is US sourced, so their doesn't appear to be any bleed through to other parts of the return.
Good luck.
