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It makes me enter each member and information including the percentage of ownership. What's bothers me is that I'm declaring that a "change of ownership" occurred during the past Tax Year. That's not true.
That will not appear anywhere other than (possibly) a worksheet (which is not filed).
Thank you.
I guess my only recourse is to answer "Yes".
This looks like a known issue since 2018, and yet TurboTax does not seem to care that this is a source of frustration for users. I've spent a couple of hours trying to correct the problem myself before checking the community. Then after reading the thread within the TT community, I find out that TurboTax hasn't addressed the problem for the last 3+ years. That's not very customer focused!!
I don't expect to be audited, but if I am audited and the IRS tax rep catches my "false" statement, what is my liability? I don't want to "lie" just so I can complete my taxes. In the end, I will certify the information I have provide is true.
Again, thanks for the information.
Norm
Again, the question at issue is used by TurboTax internally so there should be nothing about which to be concerned.
I am having the same problem in Turbotax Business 2021 when transferring a 2020 return. There are two 50% partners and neither one is in the new 2021 return. This occurs on only one out of a dozen returns. That is, 11 returns are transferred from 2020 to 2021 correctly, but one is not.
Turbotax developers: I can give you the 2020 return that is not transferring correctly. You should be able to step through the transfer and see where the failure is occurring.
You can create a diagnostic file to be sent to an agent, if you care to do so.
Take note of the number provided and PM one of the Moderators/Admins here and provide one of them with that number.
I had this same issues with transferring 2021 to 2022 business information. It turns out that you can accidently check a box on the K-1 form indicating this is a final K1 for the previous tax year. Just open your previous tax year Turbotax app, uncheck that "Final K1" box for each K1 in your previous year forms and re-save the tax forms. Be sure to first delete your 2022 tax file or create a new one before initiating the information transfer. Everything will then transfer over to your new tax forms. Don't rely on Intuit support... they are not very good at this.
Transfer only pulls in one member. Any ideas?
@cfoapd wrote:
Transfer only pulls in one member. Any ideas?
Yes, read the other posts in this thread.
You either have an input error on your 2021 return (most likely inadvertant) where a member was dropped, or the final return box was checked. There is always the possibility that the .tax file could be corrupt.
Barring the foregoing, there has really been no viable resolution other than re-entering the member information.
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