Why is Turbo Tax asking for my S Corp name when I enter K1 info from my Non S corp LLC

Forum|Forum|2 years ago
March 8, 2024
1 reply
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My wife and I are 50/50 owners in a multi member LLC. I completed the tax return with Turbo Tax Business and issued two K1's. I now have entered the K1's into our personal return and after entering the fields and hitting the next button TT wants my S Corp name and address. I am not an S Corp. and do not want to be taxed as one.

Where is this field triggered and why?

My business info is correct in the setup fields and TT says to copy it from there but my LLC is not an S Corp.

TIA

Mike

DoninGA

Employee

If you are a multi-member LLC you should have filed a Form 1065 Partnership tax return and the Schedule K-1 should have been from the 1065 so you should be entering a Schedule K-1 Form 1065 on your personal tax return.

MAD331Author

Thanks for the reply.

Yes, I filed a 1065 and issued 2 K-1's for my Wife and I. I have entered them into the proper K-1 income fields on our personal (1040) return. After I pass through the page where TT asks if there are any more k-1's to be entered ( I say no) the next page asks for my s corp name and address. I am not an s corp and do not want to be taxed as one. I states the name of the s corp can be found on box b of the k-1. Why is it asking for the name of a s corp and not a partnership LLC?

MAD331Author

I believe I found the answer to my question. I looks like somehow there was an S corp k-1 started with no info on it. You can't delete the form until you update the form. Once updated with all the info you can go back to the k-1 entry page and there is now an option to delete the s corp k-1 entry in its entirety. Guess sometimes you have to go forward to go back!