Estate Tax Final Return - Business 2022 will not create K1 forms

Forum|Forum|3 years ago
January 27, 2023
20 replies
94 views

I have completed 1041 estate taxes. Since this is the final year for filing and beneficiary distributions were made, I believe there are K1 forms to be created. The beneficiaries are included on other information, including the amount of distribution. But when I attempt to create K1, I get the message shown below.

What am I missing?

TurboTax Business Windows

Anonymous_

Level 15

Are the figures on the K-1s not appearing?

If that is the case, enter Forms Mode and look for the Beneficiary's Allocation Smart Worksheet (see screenshot) and input each beneficiary's percentage of their share of the distribution.

lkhightowerAuthor

Level 2

If I go to forms exactly as you suggest, there are K1 forms for each beneficiary and the worksheet for them is filled out, complete with percentages. Can I simply print the forms from there, instead of having the program do it?

I checked them, saved them, and am still getting the partner/shareholder information. It's a simple return otherwise.

I've made sure the program is fully updated. I've run the error check with no errors. This is the only thing holding me back from completing and filing.

Anonymous_

Level 15

@lkhightower

You did start a 1041 return, correct? Make sure you didn't inadvertently start another type of return, such as a 1065 or 1120-S.

LindaS5247

Level 14

You can manually enter a K-1 by doing the following:

TurboTax CD/Download

Click on Federal Taxes > Wages & Income [In TT Self-Employed: Personal > Personal Income > I'll choose what I work on.
Under Other Business Situations, click on the 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 Partnership.
If you have already entered K-1 information, you will see the Partnership/LLC K-1 Summary screen. Click Add Another K-1 to enter your information (or click on Edit to continue with the existing form entry).
If you haven't started entering K-1 information, continue through the screens, entering the requested information.

TurboTax Online

Click Wages & Income.
In the S-corps, Partnerships, and Trusts section, click the Start/Update box next to Schedule K-1.
Continue with step 4 above

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