Hi.
My return got rejected over from 3800. I have only $2 on that form from a K1 where I own 1% of a family business. Can I just delete the form if I do not want the $2 carry forward? I had a loss of $248 from the K1 which I also do not need. It's more hassle than anything with the rejection and TT issues. Just curious if I can delete and move on?
omitting the $2 credit probably won't be an issue. However, completely omitting the k-1 may be especially if the loss is a 199A (QBI) loss.
If the loss was associated with qualified business income (QBI) it may reduce QBI from other sources listed on your return that could reduce your QBI deduction that may result in an increase in tax. The QBI loss may also be carried forward to future years if not used in the current year. If you have a reference to section 199A income on your K-1 schedule, it may not be wise to not include it in your tax filing.
A better strategy would be to eliminate the entry on the K-1 that is creating the credit to appear on Form 3800, General Business Credit.