Why is Turbo Tax asking for my S Corp name when I enter K1 info from my Non S corp LLC

[MAD331]

My wife and I are 50/50 owners in a multi member LLC. I completed the tax return with Turbo Tax Business and issued two K1's.  I now have entered the K1's into our personal return and after entering the fields and hitting the next button TT wants my S Corp name and address. I am not an S Corp. and do not want to be taxed as one. 

Where is this field triggered and why?

My business info is correct in the setup fields and TT says to copy it from there but my LLC is not an S Corp.

TIA

Mike

[DoninGA]

If you are a multi-member LLC you should have filed a Form 1065 Partnership tax return and the Schedule K-1 should have been from the 1065 so you should be entering a Schedule K-1 Form 1065 on your personal tax return.

[MAD331]

Thanks for the reply.

Yes, I filed a 1065 and issued 2 K-1's for my Wife and I.  I have entered them into the proper K-1 income fields on our personal (1040) return. After I pass through the page where TT asks if there are any more k-1's to be entered ( I say no) the next page asks for my s corp name and address. I am not an s corp and do not want to  be taxed as one. I states the name of the s corp can be found on box b of the k-1.  Why is it asking for the name of a s corp and not a partnership LLC?  

[MAD331]

I believe I found the answer to my question. I looks like somehow there was an S corp k-1 started with no info on it. You can't delete the form until you update the form. Once updated with all the info you can go back to the k-1 entry page and there is now an option to delete the s corp k-1 entry in its entirety. Guess sometimes you have to go forward to go back!

[the4thcafe]

do you recall deleting the S corp entry within the federal portion or state portion? I'm running into a similar problem in the state portion. Thanks

[PatriciaV]

Does the unnecessary S-Corp entry also appear on your federal return? Generally, TurboTax will transfer only the information from the federal return to the state module. It's unlikely you have an extra K-1 only in the state return.

Return to the list of K-1s under Federal Taxes >> Wages & Income >> Schedules K-1, Q. Choose each of the options (Partnerships/LLCs), S-Corporations, Estates or trusts) and confirm there are no K-1 entries that either 1) you didn't add this year or 2) were brought over from last year but aren't needed this year.

If you find a K-1 entry you don't recognize or need, use the Delete button to remove it from your return. Then go to the State Taxes module and confirm the extra K-1 is no longer included.

[rttweiler]

Hi, I had the same issue and the above solution did not work. I went back to the federal and filled in, then deleted S corp info. No matter what I do, the NJ screen always says "you reported income from S corporations...." then forces me to fill out the S corp info. I did not have any S corp and no S corp income.  Is it possible some other area of the federal has S corp income accidentally added? If so, how do I find? Is there a form I can delete? Thanks!

[DawnC]

Yes, that is possible.  @rttweiler  You could have empty S-Corp forms in your return.   If you are using the desktop, click on Forms to see all the forms in your return.  You can delete any erroneous forms from there.   

If you are using TurboTax Online, use the Delete A Form instructions below to see a list of all the forms in your return.   You can also print or preview a PDF copy of your return to see all of the forms as full pages.   

How to delete forms in TurboTax Online