I am using Turbo Tax Deluxe and having difficulty processing a land sale transaction. I have tried "Income Summary" to "Investment Income" to "Stocks, Mutual Funds". Here Turbo Tax only handles Form 1099-B and mentions nothing about handling 1099-S which I received from the Settlement Company. Next, I tried "Less Common Income" to "Sale of Home" and here Turbo Tax does deal with Form 1099-S but all the questions it poses are related to Home Sale - such as Primary Home, Vacation Home, How long I lived in the home etc. I am having difficulty answering these questions because this is just an unimproved plot of land.
The second problem I am having with Turbo Tax Deluxe is in processing Schedule K-1 I received from a partnership. This Schedule K-1 came with Schedule K-3 (both are Form 1065) and the Turbo Tax Deluxe program is unable to handle it. After completing Schedule K-! data entry it displays the following message.
"Is box 16 checked on your K-1?
You've done a great job starting your taxes early, but the IRS is still working on finishing up the Schedule K-3 for 2021. That means this area isn't quite ready yet.
Check back soon and we'll help you finish up.
Let's keep working on other parts of your return."
Huh....? Today is March 19, we're about a month away from the filing deadline and Turbo Tax says "this area isn't quite ready yet"?
I checked IRS website and it has posted Schedule K-3 (Form 1065) and Instructions as shown below.
"Schedule K-3 (Form 1065), Partner's Share of Income, Deductions, Credits, etc.-International
Schedule K-3 (Form 1065), Partner's Share of Income, Deductions, Credits, etc.-International
Forms and Instructions"
So, I don't understand why Intuit isn't able to update Turbo Tax right now!
I called Turbo Tax and a representative suggested that I upgrade to the Business version and it may be able to correctly handle both of my issues.
Any ideas from the Community will be deeply appreciated.
Thank you.
