There are three types of Schedule K-1 and you are trying to enter a 1041 Schedule K-1 into a 1065 Schedule K-1 based on the entries that you say don't match.
To correct this you need to delete what you have entered so far and then start over in the correct form. To delete your K-1:
- Open your return, scroll down to Tax Tools on the bottom of the left side menu.
- Select Tools.
- Click on Delete a form (third on the list at the bottom of the screen).
- Find Sch K-1 Wks-Partnerships on the list of forms.
- Click Delete to the right.
- Confirm your Delete.
- Click Continue in the lower right.
- Click Continue with my return.
Next, enter the correct type of Schedule K-1:
- Under Wages & Income, find Schedule K-1.
- Click Edit/ Add to the right.
- Answer the first question Yes.
- Click Start to the right of the third option, Estates or trusts (Form 1041).
- Continue to report your Schedule K-1.
I'm using the PC version, not the on-line version, so there's no left-side menu, and the "Tools" drop-down entry in the black "banner" at the top does not contain a "Delete a form" option.
However, I went into the "Tell Us About Your Schedules K-1" page, where I had used the "Partnerships/LLCs (Form 1065)" button instead of the "Estates or Trusts" button. I deleted the partnership version in the "Partnerships..." section and went into the "Estates or Trusts" path, and sure enough, there was the form, filled in with last year's Trust info. Thanks for your help!
