IRS has updated code for Schedule K-1 Box 11. "Other income (loss)" was coded as "I" previously, but for 2023 it is coded as "ZZ". Previously, when I chose "I" for Box 11 and press "Continue", TT would show "Enter Code I Detail" page, where I can report on Form 4797 and Sch. E p2. But now after I chose code ZZ, TT simply ignores my input and goes to Box 12. I did the following to deal with this problem:
1) I updated TT and deleted K-1, and then re-entered K-1 information, still no luck.
2) I tried all the available codes of Box 11, only code "A" lead me to the next window "Enter Code A Detail", where I could input Sch. E p2 information, but unfortunately no Form 4797 available.
3) I switched to "Forms" mode. On Form K-1 Partner, Part III, Item 11, I saw the code "ZZ" and the amount I input in Step-by-step mode. I clicked "QuickZoom" button underneath, Form "K1P Addl Info 1" was open, and there I could input Sch. E p2 number, but still no Form 4797 available.
4) I tried "Open Form" to get Form 4797. Unfortunately, I was not allowed to input the information unless I used "Override", which will prevent me from E-filing.
5) I called TT customer support and talked with 2 representatives for 1.5 hours without solution.
Please help!
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You will need to enter this manually on Form 4797. In Forms Mode, click on "Open Form" above the list of forms on the left. Enter "4797" and wait for the list to populate. Click on "Enterable 4797" and hit Enter. If there is already a copy in your return, it will appear in a list for you to choose. Do this or create a new copy.
When the form opens, you may enter whatever information you have for this sale. Note that any fields in red or red fonts indicate errors that must be resolved. Click the Errors icon above the forms list to open a footer below the open form that provides more information about correcting the error.
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