Editing Form 4797

Forum|Forum|1 year ago
March 15, 2025
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I am using Turbotax business, and I need to enter information in Line10 Part II of form 4797. I managed to open the form but it doesn't allow me to edit line 10 but other fields are editable. How can I make line 10 editable?

TurboTax Business Windows

maglib

@Sam1540 on the disposition of a partnership interest there's section 751 income to be reported that is NOT included in the K-1. It is entered in the disposition details for the partnership. The amount can also come from the sale of business assets held 1 year or less.

When you entered the K-1 line 11i is where you can adjust these amounts to flow correctly.

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Sam1540Author

Thank you for replying but unfortunately I did not understand the solution. I was asking about 4797 (Sale of business property). Partnership has elected for MTM under section 475(f) and as such partnership would like to report all stock transactions in 4797 and according to IRS website we have to provide a summary in line 10 and attach a document to the mailed in return with individual transactions.

I am unable to edit the form 4797 after adding it to the return from the Forms sub heading in Turbotax business.Reading your message it looks you are telling that there is a different work flow that I need to complete to achieve this. Could you please elaborate on the steps in the software on how I go about completing this work flow please.

PatriciaV

Have you entered the sale information into TurboTax Business to generate Form 4797? If so, the description and other information on Line 10 should already be entered. If you need to include the detail for the transactions, you'll need to mail that in separately.

TurboTax Business does not support PDF attachments for e-filed returns at this time. You can still e-file your return, but you'll need to mail a paper copy of your transaction detail to the IRS along with Form 8453, which you can print using Forms Mode.

Mail these completed forms to the IRS at the address below by the tax-filing deadline:

Internal Revenue Service

Attn: Shipping and Receiving, 0254

Receipt and Control Branch

Austin, TX 73344-0254

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