Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
prosen001
New Member

K1 - how do I clear/fix a flag when the name of S Corp is requested? My K1 is for a publicly traded partnership, not an S Corp.

 
1 Best answer

Accepted Solutions
IreneS
Intuit Alumni

K1 - how do I clear/fix a flag when the name of S Corp is requested? My K1 is for a publicly traded partnership, not an S Corp.

You may have inadvertently started a K-1 for an S-Corp.

To delete a K-1, you need to delete the “triggers” that caused it to be activated.  You can delete the K-1 in TurboTax Online by following these steps:

  1. Click on Federal > Wages & Income [In TT Self-Employed:  Personal > Personal Income > I’ll choose what I work on].
  2. Under S-corps, Partnerships, and Trusts, click on the 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 S-Corporations (Form 1120S).
  4. You will see the S-Corporation K-1 Summary screenClick Delete (trash can icon) next to the name.


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
IreneS
Intuit Alumni

K1 - how do I clear/fix a flag when the name of S Corp is requested? My K1 is for a publicly traded partnership, not an S Corp.

You may have inadvertently started a K-1 for an S-Corp.

To delete a K-1, you need to delete the “triggers” that caused it to be activated.  You can delete the K-1 in TurboTax Online by following these steps:

  1. Click on Federal > Wages & Income [In TT Self-Employed:  Personal > Personal Income > I’ll choose what I work on].
  2. Under S-corps, Partnerships, and Trusts, click on the 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 S-Corporations (Form 1120S).
  4. You will see the S-Corporation K-1 Summary screenClick Delete (trash can icon) next to the name.


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.6m
Discussions

Manage cookies
v