Irene2805
Expert Alumni

Business & farm

Delete the K-1 you created for the Ordinary Business Income (Loss).  It is no longer needed since you only have income in box 2 of the K-1.  You can delete the K-1 by following these steps:

 

TurboTax Online

  1. Click on Federal > Income & Expenses
  2. Under S-corps, Partnerships, and Trusts click on the Start/Revisit box next to Schedule K-1.
  3. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to the appropriate entity type (Partnership, SCorp., Estate/Trust). 
  4. You will see the K-1 Summary screen.  Click  Delete next to the K-1.

 

TurboTax CD/Download

  1. Click Federal taxes > Wages & Income
  2. Under Business Investment and Estate/Trust Income click the Start/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 appropriate entity type (Partnership, SCorp. Estate/Trust). 
  5. You will see the K-1 Summary screen.  Click  Delete next to the K-1.

 

@EKIN