Editing Form 4797

[Sam1540]

I am using Turbotax business, and I need to enter information in Line10 Part II of form 4797. I managed to open the form but it doesn't allow me to edit line 10 but other fields are editable. How can I make line 10 editable?

[maglib]

@Sam1540  on the disposition of a partnership interest there's section 751 income to be reported that is NOT included in the K-1.  It is entered in the disposition details for the partnership.  The amount can also come from the sale of business assets held 1 year or less.

When you entered the K-1 line 11i  is where you can adjust these amounts to flow correctly.

[Sam1540]

Thank you for replying but unfortunately I did not understand the solution. I was asking about 4797 (Sale of business property). Partnership has elected for MTM under section 475(f) and as such partnership would like to report all stock transactions in 4797 and according to IRS website we have to provide a summary in line 10 and attach a document to the mailed in return with individual transactions.

I am unable to edit the form 4797 after adding it to the return from the Forms sub heading in Turbotax business.Reading your message it looks you are telling that there is a different work flow that I need to complete to achieve this. Could you please elaborate on the steps in the software on how I go about completing this work flow please.

[PatriciaV]

Have you entered the sale information into TurboTax Business to generate Form 4797? If so, the description and other information on Line 10 should already be entered. If you need to include the detail for the transactions, you'll need to mail that in separately.

TurboTax Business does not support PDF attachments for e-filed returns at this time. You can still e-file your return, but you'll need to mail a paper copy of your transaction detail to the IRS along with Form 8453, which you can print using Forms Mode.

Mail these completed forms to the IRS at the address below by the tax-filing deadline:

Internal Revenue Service

Attn: Shipping and Receiving, 0254

Receipt and Control Branch

Austin, TX 73344-0254

[Sam1540]

I don't know what workflow will create 4797. I just added the form 4797 from the forms search option to the return but doesn't allow me to edit line 10 as per IRS instructions where I need to add the summary of the stock transactions. After that I can attach the individual transactions and mail it.

My question is not about the efile vs mailing process which I have educated myself with countless hours of online research but on how to use turbotax business software to edit line 10 of form 4797. Currently it doesn't allow me to edit that line.

At this point I am kind of regretting choosing Turbotax business for my usecase as the competing products seems to ha e straight forward documentation and process to handle form 4797. 

[Anantara]

Were you able to solve this issue, I have the same problem

[maglib]

@Sam1540 @Anantara the information is only available to enter during the partnership or k-1 interview.