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pmjcjr2014
New Member

My K-1, Part 3 has $0 entered in box 1 and a negative in box 2. Do I need to fill out 2 K-1 forms?

I tried following the directions and filled in 2 separate K-1 forms, but it was repeating all of the other information for just entering a $0 amount. And that lowered my refund significantly.
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Accepted Solutions
ToddL
New Member

My K-1, Part 3 has $0 entered in box 1 and a negative in box 2. Do I need to fill out 2 K-1 forms?

Leave Box 1 "blank", i.e. don't enter a "0". You should not have to prepare an additional K-1 to report Box 1 income, if there wasn't any.

If you can't clear the "0" entry in Box 1, you may have to use  the "Delete a Form" tool to remove the Schedule K-1 (and any associated worksheets).

See: How do I delete forms in TurboTax Online?

After deleting the Schedule K-1, log out of the program. When you log back in, use the Delete a Form tool to confirm the Schedule K-1 has been removed from the list of forms in your return. 

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1 Reply
ToddL
New Member

My K-1, Part 3 has $0 entered in box 1 and a negative in box 2. Do I need to fill out 2 K-1 forms?

Leave Box 1 "blank", i.e. don't enter a "0". You should not have to prepare an additional K-1 to report Box 1 income, if there wasn't any.

If you can't clear the "0" entry in Box 1, you may have to use  the "Delete a Form" tool to remove the Schedule K-1 (and any associated worksheets).

See: How do I delete forms in TurboTax Online?

After deleting the Schedule K-1, log out of the program. When you log back in, use the Delete a Form tool to confirm the Schedule K-1 has been removed from the list of forms in your return. 

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