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New Member
posted Feb 18, 2021 8:24:25 AM

I am getting a QBI deduction for a business that is now dissolved. I did not enter any new info from a K-1 but TurboTax imported info from my 2019 taxes. What do I do?

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1 Replies
Expert Alumni
Feb 18, 2021 8:33:50 AM

You can delete the K-1 by following these steps:

 

TurboTax Online

  1. Click on Federal > Income & Expenses
  2. Under S-corps, Partnerships, and Trusts click on the Start/Revisit box next to Schedule K-1.
  3. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to the appropriate entity type (Partnership, SCorp., Estate/Trust). 
  4. You will see the K-1 Summary screen.  Click Delete next to the K-1.

 

TurboTax CD/Download

  1. Click Federal taxes > Wages & Income
  2. Under Business Investment and Estate/Trust Income click the Start/Update box next to Schedules K-1/Q.
  3. Click Yes on the next screen, Schedules K-1 or Q. 
  4. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to the appropriate entity type (Partnership, SCorp., Estate/Trust). 
  5. You will see the K-1 Summary screen.  Click  Delete next to the K-1.