Does Turbotax Business provide K-1-P for Illinois?
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TurboTax Business does provide the Illinois K-1-P form. You can check the availability and details here.
Thank you. Unfortunately, my question was not precise.
Turbotax Business, with the Illinois module, allows me to manually input the received K-1-P.
It does not automatically generate K-1-P(1), (3) or (4).
Additionally;
Unfortunately, Step 4, Line 21, Column B of the K-1-P Received does not carry to a Schedule K Equivalent Worksheet Reconciliation; does not appear to carry to Schedule B; does appear to carry to Form IL-1065, Step 6, Lines 45 and 46; Step7, Lines 47, 49, 53.
The Illinois apportionment of the loss shows as 0. for the on-screen/working portion of IL-1065, Step 4, Line 21, Column B.
Closing Turbotax Business and then restarting and continuing with the Illinois module; It checks the box for financial services company even though I previously unchecked this box. It also fills in Form IL-1065, Step 5, Lines 37, 38 with the Federal loss number and then subtracts the negative number from the much smaller line 35 negative number to arrive at a large positive number on line 39. This number does not appear to impact the Schedule K worksheet which insists on using the same positive numbers to show a profit when all my K-1s show a loss.
I will work through this manually to see what I might be missing. If any of the above represents a red flag for the module please let me know.
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