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If i'm no longer involved in S corp and I won't be receiving a K-1 form this year for my 2023 return. Why won't turbo tax let me finish and submit without S corp K-1?

 
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2 Replies
MinhT1
Expert Alumni

If i'm no longer involved in S corp and I won't be receiving a K-1 form this year for my 2023 return. Why won't turbo tax let me finish and submit without S corp K-1?

This schedule K-1 has been transferred to your 2023 return from previous years' returns. You'll need to delete it.

 

If you are using TurboTax Online, to delete it, please follow these steps:

 

  1. In TurboTax, open your return
  2. In the left-hand column, locate Tax Tools, click on the drop-down arrow then click on Tools
  3. On the Tools Center  page, click on Delete a form 
  4. A list of forms will appear. Locate the Schedule K-1 (name of entity) and click Delete next to it.
  5. On the next screen, click Delete Form
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If i'm no longer involved in S corp and I won't be receiving a K-1 form this year for my 2023 return. Why won't turbo tax let me finish and submit without S corp K-1?

there can be issues in deleting it if you have a QBI loss carryforward. That stays even if the S-Corp is gone until either it's utilized or yo pass. 

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