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Thank you Vick.
Well, I went ahead and bulled my way through the K-1s with TaxCut by (basically) ignoring their messages about my entries. It is much more cumbersome than I remember TurboTax being in that area.One example; TaxCut simply didn't have enough data entry blocks to input the info from Block 20 Code X. Nor could I find a way to directly enter the info on the form without getting a warning that I wouldn't be able to file electronically. Ended up just combining the net of the values into one entry. So far my electronic filing hasn't been rejected by the IRS gnomes (computer?). Hopefully they will address this issue.


If you combined multiple values into one number, the IRS computers won't reject your return because they have no basis to reject it. There's nothing logically wrong with the return even if all of the numbers are wrong. Taken to an extreme, if you combined all of the numbers in all of the boxes on your K-1 into a single number, the return wouldn't be rejected.

Now what may happen is sometime next year when the IRS runs its document matching programs you'll get a letter asking you to explain discrepancies between your return and the K-1 the IRS received from the investment entity. Only time will tell.

Ira
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