PatriciaV
Expert Alumni

Business & farm

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.

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