When I review my federal return, form 3468 Investment Credit comes up to review. I have no investment credit. How can I get rid of the form so I can file?

[DawnC]

Delete the form.  

How to delete forms in TurboTax Online

How to delete forms in TurboTax Desktop

[Kp_129]

I’ve deleted the form and Form 3468 is still showing up just like original poster

[PatriciaV]

Please clarify: Did you enter a Schedule K-1 before this form appeared?

@Kp_129

[Kp_129]

Yes, with no reason for Form 3468 to pull. I sat on hours long holds just to be told it was a turbo tax issue. I’ve successfully bypassed this issue now.

[Gilgamesch]

I am having the same issue with the form 3468 when I try and file. I don't need the form and even when I delete the form it shows back up when I try and file my return. If anybody knows how to fix this problem please let me know so I can finally file my taxes. Very frustrating.

[PatriciaV]

Have you tried deleting the K-1 and re-entering the information again? A recent update should have resolved this issue, but it may not apply to an existing K-1.

After you delete the K-1 and before you re-enter, check to see if Form 3468 remains in your return. If so, delete that form before you re-enter the K-1.

To re-enter Schedule K-1:

1. Return to the K-1 Summary page.
2. Enter the K-1 and check the box for Box 17/20. 
3. Enter only one line for Code AJ and do not enter an amount.
4. Continue to the page that asks for Other Information Detail. Enter a description and amount separately for both lines from Code AJ.
5. Run Review/SmartCheck.
6. If you receive a request for the registration number, enter TMXXX99XXXXX. 
7. Delete Form 3468 (either in Forms Mode using TurboTax for Desktop or using Tools >> Delete a form in TurboTax Online).
8. Run Review/SmartCheck to confirm the error has been resolved.

These steps are easier if you are using TurboTax for Desktop, as you can make edits directly in the forms and easily see what forms have errors (red exclamation marks). But it can be done in TurboTax Online.

Additional Information:

• How do I view and delete forms in TurboTax Online?
• How do I delete a tax form in the TurboTax CD/Download software?

@Gilgamesch 

[Gilgamesch]

Thank you for the advice. I do have a question. If I have any carryovers from the previous year will I lose those if I delete the K-1 and fill out a new K-1. Also the description for the AJ I receive on my K-1-s does not match the description in the K-1 20 box so wondering if I need to enter the AJ K-1 data.

[PatriciaV]

Yes, you would need to re-enter all information for the partnership/s-corp that provided Schedule K-1. This includes your ownership, basis, and any carryovers. 

As you probably know, Code AJ is for Excess Business Losses, which would be used only if your net losses from all businesses are more than $289,000 ($578,000 if filing a joint return). If this doesn't apply to your tax situation, you may completely omit the Code AJ entries.

@Gilgamesch 

[socasuemlcc]

how did you resolve it?

[PatriciaV]

If deleting Form 3468 (as described previously) doesn't resolve the issue, you will need to delete Schedule K-1, delete Form 3468, and re-enter all the information for your K-1 investment.

@socasuemlcc