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posted May 16, 2021 6:49:26 PM

K1 Partnership automatically transferred from 2019 return

I had investments in two K1 partnerships that were completely sold in 2019.  I did not receive any K1 forms in 2020 but when I went to do my taxes I have K-1 Partner forms somehow included in my return.  I don't know how to answer the questions because I did not get any K1 forms to fill in.

 

Is there a way to delete those entries?  Or am I doing something wrong.  I have my forms for 2019.

 

Nothing like waiting until May 16th to ask this question...

 

 

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1 Replies
Level 9
May 16, 2021 9:10:55 PM

You can simply delete the forms for this year.  However, when you were entering the K-1s in 2019 you should checked the box that the partnership had ended, which would have marked it as "Final".  If you had, TT wouldn't be asking about it this year.  You don't necessarily need to amend 2019, but should check and see if it changes your taxes:  ending a partnership will free up any suspended losses, which could have reduced 2019 taxes.