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squirrel500
Returning Member

Turbotax Deluxe 2020 won't allow K-1 worksheet to match K-1 I received from TurboTax Business 2020

I received a K-1 with both Part III line 1 ordinary business loss and part III line 2 rental real estate loss both actively and materially participated in.  To note the K-1 was received from TurboTax Business 2020 and was accepted for e-filing.  When filling out the worksheet it "suggests" using 2 separate K-1 for ordinary business and rental real estate activities because "easier to track passive losses.  I do not want to do this as it is a single partnership with a single capital account and I received a single K-1.  It won't let me e-file because it says the K-1 is incorrect even though the K-1 itself came from TurboTax Business.  Is there a way to import the TurboTax Business K-1 so it will accept it; or override the K-1 worksheet so I can e-file.  It makes no sense that TurboTax individual does not accept a K-1 generated and accepted by TurboTax Business.

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2 Replies

Turbotax Deluxe 2020 won't allow K-1 worksheet to match K-1 I received from TurboTax Business 2020


@squirrel500 wrote:

.....or override the K-1 worksheet so I can e-file.  It makes no sense that TurboTax individual does not accept a K-1 generated and accepted by TurboTax Business.


There is no known workaround for the scenario you described. In fact, the same issue exists even with K-1s not generated by TurboTax Business.

 

You can certainly do an override, but that will prevent you from e-filing.

squirrel500
Returning Member

Turbotax Deluxe 2020 won't allow K-1 worksheet to match K-1 I received from TurboTax Business 2020

Not directed to you but as a general statement.  So TurboTax Business says the K-1 with both ordinary business and rental real estate activities on a single K-1 is acceptable and accepted for e-file by both TurboTax and IRS and generates it as such; but TurboTax Deluxe says that is not acceptable for e-file.  So TurboTax does not accept a TurboTax form; makes perfect sense.

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