I had a Schedule K-1 last year. We closed our business in 2020. I DO NOT have a Schedule K-1 this year. Why did TurboTax force me to upgrade to Premier?

Forum|Forum|4 years ago
February 15, 2022
4 replies
24 views

TurboTax said i need to review my Schedule K-1 which i do not have. I don't wish to pay an extra $70 for nothing.

TurboTax Premier Online

MinhT1

Level 15

This schedule K-1 has been transferred to your 2021 return from previous years' returns.

To delete it, please follow these steps:

In TurboTax, open your return
In the left-hand column, locate Tax Tools, click on the drop-down arrow then click on Tools
On the Tools Center page, click on Delete a form
A list of forms will appear. Locate the Schedule K-1 (name of entity) and click Delete next to it.
On the next screen, click Delete Form

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keniferAuthor

Level 2

Awesome! Got the K-1 removed! My next question is, TT forced me to upgrade to Premier when the K-1 was still on my account. How do I change my account back to basic?

CarissaM

Level 15

In order to downgrade the product, you would need to clear the return and start over. Please follow the instructions here to clear and start over.

If you need additional assistance, please comment below.

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AmeliesUncle

Level 15

On your last year's tax return, did you mark the K-1 as "Final"?

If you did not, that is probably why it carried it to this year. And if you did not mark it as "Final", last year's tax return might be wrong, so you may want to start the process to amend to see if things need to be reported differently on your 2020 tax return.