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terny60
New Member

We are not a general or limited partnership so why am I being asked to complete a Schedule K-1?

 
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Accepted Solutions
IreneS
Intuit Alumni

We are not a general or limited partnership so why am I being asked to complete a Schedule K-1?

Perhaps a Schedule K-1 was started inadvertently. To remove the K-1, you need to remove the "triggers" in the interview by following these steps:

  1. Click on Federal Taxes > Wages & Income [In TT Self-Employed:  Personal > Personal Income > I'll choose what I work on].
  2. Under Other Business Situations, click on the 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 Update box next to any of the entities (Partnership, S-Corp., Estate/Trust).  [If there is a Start box, it means that no data has been entered, so you can ignore that category.    
  5. If you see the screen, [Entity Type] K-1 Summary, click Delete next to the K-1 entry to remove it.     Click the Yes box to confirm.  Then click Done.
  6. If you see a screen asking information about the entity, click the Back button.  No K-1 has been triggered for that entity.
  7. You'll be taken back to the Tell Us About Your Schedules K-1 screen.
  8. Follow the same process for the other categories of K-1s.

Once you've removed the triggers, the K-1 form will no longer be part of your return.


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3 Replies
IreneS
Intuit Alumni

We are not a general or limited partnership so why am I being asked to complete a Schedule K-1?

Are you doing a 1040 return?
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
terny60
New Member

We are not a general or limited partnership so why am I being asked to complete a Schedule K-1?

Yes
IreneS
Intuit Alumni

We are not a general or limited partnership so why am I being asked to complete a Schedule K-1?

Perhaps a Schedule K-1 was started inadvertently. To remove the K-1, you need to remove the "triggers" in the interview by following these steps:

  1. Click on Federal Taxes > Wages & Income [In TT Self-Employed:  Personal > Personal Income > I'll choose what I work on].
  2. Under Other Business Situations, click on the 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 Update box next to any of the entities (Partnership, S-Corp., Estate/Trust).  [If there is a Start box, it means that no data has been entered, so you can ignore that category.    
  5. If you see the screen, [Entity Type] K-1 Summary, click Delete next to the K-1 entry to remove it.     Click the Yes box to confirm.  Then click Done.
  6. If you see a screen asking information about the entity, click the Back button.  No K-1 has been triggered for that entity.
  7. You'll be taken back to the Tell Us About Your Schedules K-1 screen.
  8. Follow the same process for the other categories of K-1s.

Once you've removed the triggers, the K-1 form will no longer be part of your return.


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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