Somehow Turbo Tax thinks I have a K-1 and I do not. I cannot delete this or get past it. It want the name of the partnership.

Forum|Forum|6 years ago
June 3, 2019
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TurboTax Free Edition Online

ToddL

Employee

Use the "Delete a Form" tool to remove the Schedule K-1 (and associated worksheets, if any).

See: How do I delete forms in TurboTax Online?

After deleting the Schedule K-1, log out of the program. When you log back in, use the Delete a Form tool to confirm the Schedule K-1 has been removed from the list of forms in your return.

Why does this happen? Once you enter (or import or transfer) certain information, the program creates or updates forms and worksheets that use that information. In many cases, you cannot "change" that information in the interview process - in a manner of speaking, it has been "written in ink" on the forms. You have to delete the form and any associated worksheets in order to correct.

kbrooksesq

Ok I'm beyond frustrated....I have a K-1 I entered/used in prior year and now need to delete that K-1 and add two new trustee beneficiaries. Every time I type in both new b's, old K-1 keeps populating in one of their places and I add again and delete. I've deleted old K-1, confirm it's not on list of forms, re-boot and it's still in software language. Then shows back up in forms list. Cannot get my two new b's to show and also remove old one. Wait...it was perfect last night and this morning old K-1 re-appeared.

JohnB5677

If you have a K-1 that you entered in 2019 that you didn't specifically code as a final K-1 it will still be active in 2020.

You can post this K-1 as a final K-1 with no information, and it will be cleared for 2021.

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DragomirP

I have a similar problem except that mine goes back to 2014 & 2015 when I sold my shares but didn't code as a final K-1. I have passive losses that haven't been released. Is it too late to release them. If not how do I do it. Thanks.

mglauner

@DragomirP If you have a Passive Loss Carryover amount from an prior year K-1, for the losses to be allowed, you must dispose of your entire interest in the activity in a transaction in which all realized gain or loss is recognized.

The actual carryover loss is reported on Form 8582. You can post a Final K-1 for 2020 with your carryover or you can Amend Your Prior Year Return to report a Final K-1.

You will need your worksheets for Form 8582 to report type of income the carryover loss applied to.

Click this link for more info on Entering K-1 Carryover Loss.

Depending on the type of K-1 activity, click this link for detailed info on Claiming Prior Year Passive Activity Losses on K-1.

mvincent7891

EDIT: After editing/deleting the invalid K-1 several times, the form finally showed up in the state section of the "Delete form" tool and I was able to delete and file.

I have a similar problem, and I'm becoming extremely frustrated with this "easy to use" tool.

I have one (valid) K-1 for an LLC. I have another (invalid, accidental, incomplete, whatever you want to call it) S Corp K-1. In order to delete the invalid K-1, I have to enter some business information, leave the K-1 editing form, and then come back and delete. Afterward, it says it's deleting all associated S Corp K-1 forms, but when I try to file it asks me to fix my return by entering the S Corps company name.

Things I've tried:

* Checking the "Delete form" tool for any related S Corp K-1 forms

* Deleting my valid LLC K-1 using the "Delete form" tool, and then re-entering it

* Filing my taxes, can't get past this issue

* Calling a Turbotax agent and discussing this issue for 2 straight hours while screen sharing (they couldn't figure it out)

No matter what I do, I end up in the K-1 form with 2 rows, one for LLC and one for S Corp. Each has the "Update" option but no "Delete" option. There are no associated forms in the "Delete form" tool.

HopeS

If you delete just the Schedule K-1, it will regenerate if associated worksheets are still in the return.

The proper way to delete an unwanted K-1 is from the K-1 Summary screen, which also removes the associated worksheets.

Open or continue your return in TurboTax, if you haven't already.
Using the search feature in the upper right, search for K-1 and select the Jump to link in the search results.
Answer Yes to Did you receive any Schedules K-1 or Q? Select this even if the correct answer is no.
Select Update next to the type of K-1 you initially entered (partnership/LLC, S corp, or estate/trust).
On the K-1 Summary screen, select Delete next to the K-1 you want to remove. Answer Yes on the following screen.
Select Done.
If necessary, repeat steps 4–7 for other K-1s you need to remove.

Sometimes a full or corrupted cache can cause problems in TurboTax. If you are still not able to fix your issue, log out of your account, then clear your Cache. Once you clear, log back into your account and continue your tax return.

How to Clear your Cache

@mvincent7891

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