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Why doesn't the K1 (Form 1065) in Turbotax have a section "M" under Part II?
I am entering data from a K1 (Form 1065) prepared by my accountant for a family partnership. Under Part II on the form, the accountant has checked "No" in section "M" to answer the question "Did the partner contribute property with a built-in gain or loss?" There is no section "M" on the form in the latest downloaded update of Turbo-tax. I checked the IRS website and the latest 1065 does have a section "M".
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June 4, 2019
2:09 PM
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Business & farm
You are not required to enter the information reported in Part II of the K-1 (1065) section "M" on your return. That is why it is not shown on the Schedule K-1 Partnership Worksheet in Turbo Tax.
June 4, 2019
2:09 PM