Make sure you are entering the correct type of K-1.
There are actually three types of K-1s, depending on the type of entity creating the K-1. Lines and codes on the forms vary:
- K-1 for Partnership
- K-1 for S-corporation
- K-1 for Trust/Estate
sounds like you received a K-1 from one entity but inadvertently
entered it as a K-1 from another entity. To remedy this situation, delete
the first K-1 and enter a new one. To do this, follow the steps below.
Step 1. Delete the Incorrect K-1
- Click on Federal > Wages & Income [In TT Self-Employed: Personal > Personal Income > I'll choose what I work on].
- Under Other Business Situations, click on the Update box next to Schedules K-1, Q. ,
- Click Yes on the next screen, Schedules K-1 or Q.
- On the Tell Us About Your
Schedules K-1 screen, click on the Start/Update box next
to the type of K-1 you entered incorrectly.
- On the K-1 Summary, click on Delete next to the K-1 entered.
- Confirm the deletion on the next screen.
- You will be brought back to the K-1 Summary screen, click the Done box.
Step 2. Enter the new K-1
- You will be brought back to the Tell Us About Your Schedules K-1 screen. Click on the Start/Update box next to the correct entity.
- Continue through the screens, entering the requested information.
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