Sch K-1 Wks-S Corp Box 12 Code C is currently under development and will be available by March 6th

[pedz]

Originally it was February 28th.  Then March 6.  Its not past March 6 and I still get the message.

This has been an extremely frustrating year.  First the business taxes would not work.  Then they would not e-File.  And now this.  I wanted to be done January 15th or so.  It's now close to mid-March.

[pedz]

Bump... this is the second topic I've posted this year that has gone unanswered.  Does Intuit not love me still?

[tntblue1976]

Same issue. This makes no sense the IRS guidance for 1120S K-1 was released in January. I have been attempting to upload my return for 3 weeks.

[PatriciaV]

The IRS made significant changes in Schedule K-1 for tax year 2023, adding dozens of new codes for several boxes, including new requirements for Form 8283, Noncash Charitable Contributions, which affect Schedule K- 1 Box 12 Code C.

Our programmers have been working to implement those changes for personal returns, connecting the new codes to appropriate Form 1040 lines and forms. Form 8283 is estimated to be ready by March 20, 2024. 

Because updates are released after business hours Pacific time, we recommend you wait to update your software the next day, run Review again.

@pedz 

@tntblue1976 

[OrinocoFlow]

@PatriciaV Do you mean we should expect the update the morning of March 20 (it isn't there) or on March 21st? The software delivery methods, customer service team, and customer comms is sadly underwhelming. I know you are all doing your best but these continued delays are causing compounding problems for customers.

[PatriciaV]

We recommend you wait until the day after the update is released. So, for an update expected March 20, you should open/update TurboTax on March 21. Please know that these dates are estimates, and Murphy's Law applies.

@OrinocoFlow

[OrinocoFlow]

@PatriciaV Murphy's law seems to be in play today. Downloaded the update this morning with high hopes, only to be crushed to find out the updates have nothing to do with the Box 12 issue. 

I know you are only the messenger, but do you have any idea on when it will be updated by?

[PatriciaV]

The work-around for this issue is to omit your K-1 entry for Box 12 Code C. Instead, enter it directly into the charitable contributions section under Deductions and Credits on your federal return. This is where the entry from Schedule K-1 would ultimately be reported.

@OrinocoFlow 

[OrinocoFlow]

@PatriciaV Thanks for that workaround. Any news on when the update is now slated to be released?

[Rooted1]

that workaround isn't the best option for businesses. When will the form be available. It seems like this is a software glitch, as both the non charitable contributions shows up on the schedule K entry AND the under the deductions & credits: donations to charity section. 

Please advise 

[tntblue1976]

The third promised resolution date of 3/21 has come and gone. When I attempt the "work around" it reduces my federal refund by over $600.00. My confidence is the return as a whole is lacking to say the best. The "new" error mentions "end of March."

Intuit was sure prompt at charging me $345.00 in February, which included an electronic filing fee, for a piece of software that doesn't work. I have had to file my business state taxes on paper, and the reason I use the business software for the  business tax "import feature" from my QuickBooks did not work. I had to manually enter everything unless I agreed to a monthly subscription and upgrade to a new version of QuickBooks.

The business state refund had to be filed by paper so it was on-time, one of my state returns also had on paper so it would be on-time, and it seems that I am going to have to file my personal federal and remaining state paper as well. Where are our refunds? After using TurboTax for over 25 years I would not recommend anyone use this product going forward. 

[esleredge]

Any word? 

[PatriciaV]

We expect the issue with Box 13 Code C to be resolved with the update coming on March 29, 2024. This is an estimate only. As always, because updates are released after business hours Pacific time, we recommend waiting until the day after, then updating TurboTax (if using Desktop), and run Review again.

@esleredge 

@OrinocoFlow 

@Rooted1 

@pedz 

@tntblue1976 

[TerrorKnight]

I am experiencing the same issue.