The Schedule K-1 on screen doesn't look like the form that I got from the company. Please advise.
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The Schedule K-1 on screen doesn't look like the form that I got from the company. Please advise.

 
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The Schedule K-1 on screen doesn't look like the form that I got from the company. Please advise.

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

It 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 

  1. Click on Federal > Wages & Income [In TT Self-Employed:  Personal > Personal Income > I'll choose what I work on].
  2. Under Other Business Situations, click on the Update box next to Schedules K-1, Q ,  
  3. Click Yes on the next screen, Schedules K-1 or Q.
  4. 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.
  5. On the  K-1 Summary, click on Delete next to the K-1 entered.   
  6. Confirm the deletion on the next screen.
  7. You will be brought back to the K-1 Summary screen, click the Done box.

Step 2.  Enter the new K-1

  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.  
  2. Continue through the screens, entering the requested information.

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