In my provided Schedule K-1, Box 13, Code P has a credit of $45 for "Disaster Area Employer Credit". This is NOT one of the 24 choices Turbotax has. What do I do now?

[DianeW · Accepted solution]

In addition to the Form 1120S K1, they should have also provided you with Form 5884-A.  

This must be completed outside of TurboTax and then attached to the Form 8453 to mail (if E-file is available) or mailed with your completed tax return, if you are mailing the complete tax return.  

Please see the form and instructions below and notice the form is still in "Draft" form. This means the IRS has not released the final version of the form as of yet so you may have to keep checking back.  You can use the draft to prepare the tax return entry.

• Form 5884-A Credits for Affected Disaster Area Employers
• Instructions for Form 5884-A
  

Please use the instructions below to include this credit on your tax return.

1. Sign into your TurboTax account (if you are not already signed in)
2. Use the Search box, upper right and type 5884 > Jump to 5884
3. Continue to follow the screens to make your entry
4. Scroll to the section where you can enter the credit from your completed paper Form 5884-A
5. Click on the images to enlarge and view for your assistance.

[waffletchnlgy]

I have a similar issue - however this is not about disaster credit. 

Mine is for "FTC" - and also this doesn't match any of the options listed. 

This seems to be related to IRS K2/K3 forms. 

Any idea how to resolve this? 

[AliciaP1]

FTC is identified as a Foreign Tax Credit and does relate to a K-3.

If you did not receive the K-3 with your K-1, you can uncheck Box  16 and e-file although you may have to file an amendment when you do receive your K-3.  If you do not wish to file an amendment, you will need to file an extension and then file your return when you receive your K-3.

If you received your K-3 and have entered the information, you will need to print and mail your full return in.  When you have completed your return, TurboTax will prompt you to print your return after you have paid your fees.

K-3 information is not available for e-file yet per the IRS:

Schedules K-2 and K-3 will be available for MeF/XML filing in the following time frames.  If you electronically file your return before the time frames, submit the schedules as separate PDF files attached to the return.   Taxpayers will also be able to file their Schedules K-2 and K-3 via PDF attachments for the entire 2022 filing season.

Form 1065, Schedules K-2 and K-3                      March 20, 2022

Form 1120-S, Schedules K-2 and K-3                   Mid-June 2022

Form 8865, Schedules K-2 and K-3                       January 2023

@waffletchnlgy