The family has several rental properties, which are set up as LLCs (partnerships). Filed business taxes for each one. Provided K1s to each partner, including myself. I've entered the K1s into Turbotax. When Turbotax reviews and checks for errors, it says that Schedule E is not complete. I didn't think a Schedule E is required if business taxes are filed. If it is required, why didn't Turbotax fill this out, or prompt me during the walk-thru to complete it? Without prompting, I'd have to manually complete the form, right?
If it's not required, can I just delete the Schedule E form and move on?
If you are entering a K-1 from an LLC that owns rental property, you would not also enter information for the property on page 1 of Schedule E.
Correct, much of the info via step-by-step was put on page 1. However, when Turbotax error checks, it's saying that Schedule E, page 2 is missing info. Why is Turbotax filling out page 1, but not page 2?
Again, do I actually need to complete theses since I've filed corporate taxes for each of the LLCs?
Thank you!
I can't see your return but page 1 would not be correct with regard to K-1 information.
Did you enter the K-1s in the right place? Or just enter info about the rentals? Most of the questions I've seen are saying schedule E page 1 is missing (because they only have page 2 for K-1). Do you have other personal Schedule E items that are not on the K-1?
To enter a K-1 go to
Federal Taxes Tab or Personal (Home & Business version)
Wages and Income
Then scroll way down to S-Corp, Partnerships and Trusts
Schedules K-1 - Click the Start or Update button
Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S
Enter each k-1 separately.
it's probably not page 1 of schedule E but page 2 where the partnership activity is reported.
Correct. I've done this and selected the correct form 1065. The problem comes in the review section and it says information on page 2 of schedule E not completed. I don't recall having to complete or having this issue last year. With a 1065, this is income/loss from an LLC, and the income/loss is reported on that business filing.
I shouldn't need the schedule E, but Turbo Tax is prompting me... but doesn't give me a place to enter this info in the "walk-thru", only if I enter manually. Thanks.