Unable to complete Sch K-1 Wks-Partnership Sch E worksheet link for #7 RoyaltiesIt tells me to double-click to link royalties to Sch. E Worksheet, but fails to do so
Unable to complete Sch K-1 Wks-Partnership Sch E worksheet link for #7 RoyaltiesIt tells me to double-click to link royalties to Sch. E Worksheet, but fails to do so
This is a common problem. Please feel free to respond in the comment section if this fix doesn't work.
Many times a fix has been to delete the offending K-1 and re-input.
However, if you go back to the K-1 that is affected and click "edit". Click through all the pages that you already entered until you get to the page "enter Box 13 info". Make sure you didn't enter a "0" value for Code "I" related to "deductions-royalty income". Better yet, delete the line and amount and enter again, if necessary.
or
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.
1.
Open (continue) your return in TurboTax, if it's
not already open.
2.
In your TurboTax program, search for K-1 or
K1 (you can also use lower-case) and then click the "Jump
to" link in the search results
3.
Answer Yes to Did you receive any
Schedules K-1 or Q? (even if the correct answer is "no").
4.
Click Update next to the type of K-1 you
initially entered (partnership/LLC, S corp, or estate/trust).
5.
On the K-1 Summary screen, click Delete
next to the K-1 you want to remove. Answer Yes on the following screen.
6.
Click Done.
7.
If necessary, repeat Steps 4–7 for other K-1s you
need to remove.
I followed the suggestion on this because I kept getting an error of having to manually calculate my QBI. I am really not technical with this kind of thing but the solution was to delete the K-1 Forms off federal return re-add them and then select the checkbox that my investment was 100% at risk. Although our business is small and there was no investment into it as it is service based. Hope this helps someone else.
One thing to note is that if you have values in boxes 1 or 2 on the same K-1, you cannot enter that information in the same Schedule K-1 in TurboTax. You have to split it into 2 or even more K-1s. That's what is possibly giving you an error.
Thanks for the tips and fixes. Less than 2 hours left to file and you guys saved the day because the support people over the phone are awful. I called 3 times and their only advice was to search the help function in the upper right hand corner.
I actually have DEDUCTION - ROYALTY INCOME on my K-1 LINE 13I. I have tried deleting the K-1 and re-entering it but I still get the above error. Any suggestions?