FINAL K-1

[18686]

I received  my final K-1.But I can't find where to input " this is a final K-1".

If I select "this partnership ended in 2022",I should input some informations such as purchase and sale date.

I can't find these informations on my K-1. 

[CatinaT1]

You should have a screen to Describe the Partnership.

The next screen will ask how you disposed of your interest in the partnership.  Was the partnership completely dissolved and no longer exists, did you get bought out or sell your interest? This will determine how you answer this question. See Learn More for more information.  You may have to contact the partnership for more information if you do not have your purchase information.

[18686]

Thanks for your reply. I select "Disposition was not via a sale",then I input purchase and sale date.I preview the form and shows it's a final K-1.But the following "check applicable box"is still blank.I think I should select "partnership was discontinued during 2022".Could you please advise where I input this information?

[ThomasM125]

I think you are referring to the Schedule K-1 Partner's Share of Income, Credits, Deductions, etc. worksheet in TurboTax. There is a section called Final/Amended where you can check a box that says the partnership was discontinued during the year. I'm not sure why you can't check the box there but I did notice when I tried it the box was not checked automatically, but I was able to manually check it.

You many need to delete the K-1 entry and re-enter it. It may be that you changed an entry associated with the discontinuation of the partnership and sometimes things don't process properly when you do that. Also, that worksheet is just something internal in TurboTax, it won't be filed with your return so it shouldn't have any bearing on the accuracy of your return as filed.

[18686]

Thanks for your reply.

I previewed the form and found in "Deposition of partnership interest",it selects "2.check if gifted partnership interest". Could you please check if it's right ? Is it mean "Deposition was not via a sale"? 

[RobertB4444]

If you didn't sell it you gave it away.  So yes, that is correct.

@18686 

[dpalmour]

Based on the entries you propose of "This partnership ended in 2023" and "no entry", the K-1 should look like this, and that should be the end of it.

Instead, TurboTax is treating this as if the checkbox "Partner sold or otherwise disposed of the entire..." is checked.  This causes an error to be reported when I try to complete my return since there is another form ("Schedule K-1 Partnership Additional Information") needed if the "Partner sold..." checkbox is checked.  However, my return should not need this additional information form.

How can I complete the final K-1 correctly and complete my return when TurboTax is incorrectly requiring the additional form?

Solution:

I was able to resolve this issue by deleting the K-1 forms and starting over.  Apparently, I had originally selected something other than "No Entry", but when I updated the answer to No Entry, TurboTax did not clean up after itself.

Deleting the K-1 forms and entering without making any mistakes or changes solved the problem.