How to delete K-1 info i just entered without deleting last year's info?

Forum|Forum|3 years ago
April 18, 2023
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Hi, I input K-1 info, but I think I did it wrong, so wanted to fix it. However I hesitate to delete all (like it prompts me to) for fear it might erase info I had in from last year (which I believe it will need some of for this year's final return). Also, I haven't seen where it specifically asks me if this is the final return, even though it is.

Lastly, I'm only 6.25% of the partnership, so will the system know to only apply MINE to my taxes, or should I do the math and input everything just as 6.25% of what they put in all of the boxes?

Thank you

AliciaP1

Your Schedule K-1 reports your share of the items and the partnership applies the ownership percentage before your form is populated. So, you will report all the items with the amounts shown on your form.

You need to mark This partnership ended in 2022 on the Describe the Partnership screen in your Schedule K-1 entry. You can go back to the Wages & Income screen, click Edit/Add for Schedule K-1and then click Update and Edit for your partnership return to double-check your entry.

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heather3673Author

Thank you Alicia. Another question, nowhere on the K-1 or the (only other document we received) does it have anything that says 'Sale Price.' We DID receive a HUD Settlement statement, but it has the FULL value in there (not just our portion). There isn't even a box on our K-1 that has the words 'sale price' so would I go under the Capital Account Analysis section of the K-1 and use those figures? Or should I use the full price for the entire partnership from the HUD Settlement statement for those questions?

AliciaP1

The partnership sold the property, not you. Your K-1 is giving you the details of the results of the sale. If you sold your partnership interest you will enter the amount you received as the sales price. If the partnership dissolved because it sold the property, you will leave the sales price blank.

@heather3673

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