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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
- Click on Federal > Income & Expenses
- Under S-corps, Partnerships, and Trusts click on the Start/Revisit box next to Schedule K-1.
- 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).
- You will see the K-1 Summary screen. Click Delete next to the K-1.
TurboTax CD/Download
- Click Federal taxes > Wages & Income
- Under Business Investment and Estate/Trust Income click the Start/Update box next to Schedules K-1/Q.
- Click Yes on the next screen, Schedules K-1 or Q.
- 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).
- You will see the K-1 Summary screen. Click Delete next to the K-1.
March 8, 2021
6:39 AM
6,829 Views