Question

smart check keeps flagging that my schedule K is attached. I have not received one but didn't think I needed one. how do i get passed it to file my taxes?

Forum|Forum|4 years ago
March 12, 2022
1 reply
0 views

No text available

J

JamesG1

There are three different kinds of K-1’s that can be entered into TurboTax software.

Partnerships/LLCs (form 1065)
S corporations (form 1120S)
Estates and trusts (form 1041)

Please follow these steps to review whether a K-1 entry has been started on your tax return.

The entry can be deleted by clicking the trashcan delete button to the right of the entry at the Summary screen.

Down the left side of the screen, click on Federal.
Across the top of the screen, click on Income & expenses.
Under Your income and expenses, scroll down to Schedule K-1 and click Edit/Add to the right.
At the screen Tell us about your Schedule K-1, you tell the software which Schedule K-1 you received.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

L

LoriF1Author

Last year when I entered my schedule K-1 information, I was asked about the Partner's Capital Account Analysis and I entered the information. That information printed on my Schedule K-1 form (1065) and matched the statement I received.

This year when I entered my schedule K-1 information, I was not asked about the Partner's Capital Account Analysis. Now when the Schedule K-1 form (1065) prints, the numbers do not match the Schedule K-1 I received in the mail.

I compared the screens I entered from last year to this year and Turbo Tax is not presenting the same screens so the Partner's Capital Account Analysis is not getting collected this year. Did this change this year?

PatriciaV

Employee

TurboTax allows you to update your Capital Account Information during the Schedule K-1 interview process. You'll find this under Federal Income & Expenses >> S-corps, Partnerships, and Trusts.

After choosing what type of partner you are, you should see three pages (entries are optional)k: