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1065 Farm Partnership


Kea
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I do one 1065 for a family member. In TaxWorks, it pulled the net Schedule F loss and put it in box 14 (self employment earnings) of the K1 with Code A.

TaxWise, however adds a code "*" and the phase "STMT" to the printed K1. Within the software, it lists the value of the Gross Income from Sch F line 34. OK, that's fine. But it won't let me e-file because it requires a statement. I can't figure out where it wants me to add the statement. So, instead I did an overwrite changing the "*" to "B" since it is the gross income. That gets rid of the e-file error, but the K1 still says "STMT."

How do I get TaxWise to either show code B & the amount or not show it at all? There is an overall loss so (I don't think?) the code B info is used on the individual partner's returns.

Thanks.

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Guest Taxed

I have not yet filed a 1065 (they are on extension) but I did file a 1040 with K1 (Active farming activity with SE). The software requires a line as statement on sch E2. See E2 and the red there. If you right clickand put in From K1 and on the amount field put that amount, the red should go away. Give it a try or call support

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But it's the K1 that is requiring the statement.

I did change the * to a B. Got rid of the red & the efile error. But still says "stmt". I think it's a call to support.

Maybe I'll request the install CD again while I have them on the phone. At least DBRepair started working again.

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Partial update - the "*" was there because box 14 included codes A, B, & C. Since the form can only display 2 codes, it used the asterick to show the B & C total & to refer to the worksheet. The worksheet is in the return. But it won't e-file. I sent a generic version of the return (names & SSNs changed) to MainStreet and they sent it to TaxWise tech support. They said it could not be e-filed. The tech at MainStreet has forwarded it to someone else at MainStreet to check into. Still no answer.

This return is not that complex. It's a farm that has a loss (14A), but did have income (14B), and did sell an asset that had previous Section 179 deduction (14C).

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