The dialogue for entry of K-1 for year 2020 is different than the form that I received in the mail "Schedule K-1 (Form 1041) 2020" in the codes used for box 11. IRS uses letters A through F but TurboTax only has A through E. D from the IRS Schedule K-1 Instructions for 2020 is "Long Term Capital Loss carryover" but that is not what 11D is in TurboTax. I entered my value in the box that corresponds to Long Term Capital Loss carryover which TurboTax shows is 11C. IRS now has two letters for Excess Deductions (A and B) so the codes shifted.
In all likelihood, the developers have not yet incorporated the changes made to the 2020 K-1 into the program.
My 2020 Business Version of Turbo Tax says the 1041 form is not ready yet?
Is this true and when can we expect it?
@550edwards wrote:Is this true and when can we expect it?
That appears to be the case but then the IRS just finalized the form recently and they need to approve its use in TurboTax, which should be forthcoming.
@550edwards wrote:
Is this true and when can we expect it?
The update to K-1 will be February 4, 2021 according a note in my TurboTax Premier.