Someone else asked a similar question, but said there were no entries on their K1.
I do have entries on my K1, and I fill them out, and yet I still get this error.
I have entries in box 1, 9, 11, 16 and 17
1. Why do I get this error?
2. Should I just skip it and pray that turbotax did things right?
Also, my K1 has net section 1231 gain as box 9, but turbotax says its box 10.
None of my other K1s throw errors.
Did you have one last year? It may have transferred over and is waiting for you to fill it in.
Try deleting it this way. Go to the K-1 interview section here
Federal
Wages and Income
Then scroll way down to Business Items
Schedules K-1, Q - Click the Start or Update button
If the first screen says "Do you want to review Schedule K-1?". You have to answer yes and then click Update by the Schedule K-1 type (LLC, S corp, trust). The next screen is the Summary screen listing all of the K-1 entered for that type of entity. You can review, edit or delete it there.
Bingo! You win, thanks so much!
I actually made a big mistake. Most my K1s are LLCs, but this one was an Scorp. I entered it this year as an LLC on accident, but my K1 was a 1120S instead. Therefore it was reading mine from 2017 and I didn't realize I had it duplicated.
I was able to fix the 1120s and remove it from the LLC.
Wheew. Thanks so much! I'm glad you caught that.