Schedule K-1 and Form 1041

Forum|Forum|6 years ago
March 22, 2020
1 reply
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Greetings! I have been using TurboTax for more than 5 years, and bought a stock (stock market stock) few years ago. I have entered K-1 info past few years very simply, using the K-1 info provided by the stock company.

This year, I completed entering K-1, and after the final review, am getting a prompt that an additional Form 1041 needs to be filled out. It shows Schedule K-1 Worksheet - Estates and Trusts. I am a bit confused, as I don't have an Estate or Trust, nor inheriting any.

Do I need to complete this form?

Am wondering what had changed.

Thank you very much for any clarifications.

Best,

jv3_2000

Best answer by VolvoGirl

Did you have one last year? It may have transferred over and is waiting for you to fill it in.

Try deleting it this way. Go to the K-1 interview section here

Federal

Wages and Income

Then scroll way down to Business Items

Schedules K-1, Q - Click the Start or Update button

If the first screen says "Do you want to review Schedule K-1?". You have to answer yes and then click Update by the Schedule K-1 type (LLC, S corp, trust). The next screen is the Summary screen listing all of the K-1 entered for that type of entity. You can review, edit or delete it there.

One user found he had to add a fake name first.....

I figured out that I had to actually start fixing this problem by entering a fake K-1 name to the TurboTax request and then going back to the "Update the Schedule K-1" and deleting the fake K-1 name.

VolvoGirlAnswer

Level 15