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February 12, 2023
Question

Return is held up because it thinks I need a K1 when I don't need it this year since there is no more business.

  • February 12, 2023
  • 1 reply
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1 reply

JohnB5677
February 12, 2023

It sounds like you have a K-1 that has carried over from last year.

The first effort is to delete the form.

First try to delete the record by selecting the Trash Can on the right side of the record.  If this doesn't work, you can follow these steps.

 

  1. On the menu bar on the left that shows.
    1. My Info
    2. Federal
    3. State
    4. Review
    5. File
  2. Select Tax Tools
  3. On the drop-down select Tools
  4. On the Pop-Up menu select Delete a Form
  5. This will give you all of the forms in your return.
  6. Scroll down to the form you want to delete.
  7. Select the Form K-1
  8. Click on Delete.
  9. Always use extreme caution when deleting information from your tax return.  There could be unintended consequences.

From time to time the form will come back again.  In that case follow these posting steps.

  1. Select Wages & Income
  2. Scroll to S-corps, Partnerships, and Trusts
  3. Select Schedule K-1
  4. Choose the type of K-1
    1. Partnership / LLC (Form 1065)
    2. S-Corp (Form 1120-S)
    3. Estate or Trust (Form 1041)
  5. Continue through the Interview
  6. If your K-1 was not active or was eliminated in the current tax year, continue through the interview.
  7. Do not enter anything until you get to: Describe the Partnership
  8. Select:  This partnership ended in 2022.
  9. This will not delete the K-1 from this year's return, but it will next year.

 

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