A couple of comments:
- It is certainly possible to have negative retained earnings.
- Hopefully this is just a diagnostic and doesn't preclude you from efiling
- What you don't mention is whether the balance sheet is zero; lines 15 and 27
- You should also know that any liquidating distributions should not be reflected on the Schedule K or the respective K-1. These liquidating distributions should be reported on a form 1099-DIV box 9 and 10 as appropriate.
- This form was due to the shareholder(s) by January 31st.
- I believe the due date to file with the IRS is end of February if paper filing and end of March if efiling. Check to see if TT has this ability.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
