topic Cannot create K-1's for an estate... in Business & farm

Cannot create K-1's for an estate...

JeffC — Fri, 31 Jan 2020 23:36:59 GMT

Using Turbo Tax Business 2019, click on Distribute K-1's and Turbo Tax responds with "Your Schedule K1 forms are not ready yet. Please add partner/shareholder information to your return". I have all beneficiaries listed, and it is an estate...

Re: Cannot create K-1's for an estate...

Anonymous_ — Sat, 01 Feb 2020 00:36:39 GMT

Can you provide more details? I cannot seem to reproduce your issue.

Do you not see the Save as PDF and Print buttons when you click on Distribute K-1s?

Re: Cannot create K-1's for an estate...

ABC134 — Sat, 01 Feb 2020 02:32:54 GMT

Same issue here. Created a state and federal return for a trust. E-filed it. Can't create K1. Clicked the button to create the K1. An error message comes up:"To generate schedule K1 PDFs please add partner/shareholder information to your return". The only button there is "OK", which just takes me to the previous screen.

Re: Cannot create K-1's for an estate...

Anonymous_ — Sat, 01 Feb 2020 02:45:09 GMT

Are you able to otherwise print out all of your forms? Can you save as a PDF in subsequent screens?

I have now created two test returns for trusts and one test return for an estate (obviously all are 1041s) and I cannot reproduce the issue.

Re: Cannot create K-1's for an estate...

JeffC — Sat, 01 Feb 2020 04:29:44 GMT

I see the save as PDF, and ... pressing it generates the failure message I specified.

I loaded last years taxes, and have the failure. After re-entering *everything* in a new tax document, i.e. no import, I can print the K-1 sort of... the info about the executor, and beneficiary are present, but no information about the disbursement is present in the K-1.

Basically any field that *might* have a dollar amount is blank. The worksheet shows the disbursement amount properly.

Re: Cannot create K-1's for an estate...

ABC134 — Sat, 01 Feb 2020 11:59:57 GMT

I have been able to print everything in the subsequent screen. I don't know what information should be on the forms. Thus, I can't tell if any fields are missing that are causing this. I've gone back and fourth through the questions. Everything appears to be answered. What do I do?

Re: Cannot create K-1's for an estate...

Anonymous_ — Sat, 01 Feb 2020 15:46:06 GMT

@ABC134 wrote:

I have been able to print everything in the subsequent screen. I don't know what information should be on the forms. Thus, I can't tell if any fields are missing that are causing this. I've gone back and fourth through the questions. Everything appears to be answered. What do I do?

You can initially compare your printed forms to the forms listed in Forms Mode, but there should be no difference whatsoever.

Subsequently, you might try contacting Support (link below); they can conduct a remote session to try and determine what is occurring with your tax file or program.

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

Re: Cannot create K-1's for an estate...

kathleentaxgirl123 — Sat, 28 Mar 2020 23:23:58 GMT

Hi, I have had the same issue. I found I can force print the K-1s by doing the following:

While in the program, go to View, then Forms, find the K-1 you need and click on it from the list of forms that appear on the left of the screen. Hit the Print button that appears, then Preview Print Copy. Once it appears in the .pdf format, use whatever printer function you need. You will need to do this for each Federal and State K-1 that is needed and will need to attach them to the return and mail the return. I am a long time user, not a TurboTax customer service person, so this is my workaround.

Hope it works for you.

Re: Cannot create K-1's for an estate...

kathleentaxgirl123 — Sat, 28 Mar 2020 23:31:13 GMT

I have had the same issue. I found I can force print the K-1s by doing the following:

While in the program, go to View, then Forms, find the K-1 you need and click on it from the list of forms that appear on the left of the screen. Hit the Print button that appears, then Preview Print Copy. Once it appears in the .pdf format, use whatever printer function you need. You will need to do this for each Federal and State K-1 that is needed and will need to attach them to the return and mail the return. I posted this response to another user a few minutes ago, but did not know if you would notice it.

Re: Cannot create K-1's for an estate...

DavidS127 — Tue, 31 Mar 2020 14:25:49 GMT

In the trust return I created in TurboTax Business I am able to print and save as a PDF the beneficiary K-1.

If you haven't done so recently, try to update your TurboTax Business (menu at top, Online>>Check for Updates).

Re: Cannot create K-1's for an estate...

johnlanglois — Sun, 12 Apr 2020 16:12:11 GMT

You can go to the K-1 forms and print/save as PDF the K1 distribution form.
The Distribute K-1's has a bug that they just won't admit is there.

Re: Cannot create K-1's for an estate...

Anonymous_ — Sun, 12 Apr 2020 16:48:20 GMT

@johnlanglois wrote:
The Distribute K-1's has a bug that they just won't admit is there.

If it is a bug, I certainly cannot reproduce the results and that includes four different test (Form 1041) returns.

I can save the PDFs without issue and also my PDF software opens immediately after I click the Print button (which obviously allows me to print the K-1s).

Re: Cannot create K-1's for an estate...

Chesterton — Thu, 16 Jul 2020 22:34:25 GMT

I have the very same problem. This is definitely still a bug.

Re: Cannot create K-1's for an estate...

Chesterton — Thu, 16 Jul 2020 22:49:01 GMT

I realized that in the Step-By-Step steps for Federal Taxes, in the Distributions tab I had selected "No, I don't need to have a Schedule K-1 created." I did this because there were no distributions for the year. When I changed the choice to "Yes, I still want a Schedule K-1 created even if blank.", then I was able to click the Save as PDF in "Distribute K-1s". The original error message was wrong because the reason it wouldn't save had nothing to do with needing to add partner/shareholder information. Anyway, perhaps this was the issue with others who experience this issue.

Re: Cannot create K-1's for an estate...

joejoe1592 — Mon, 14 Feb 2022 08:42:51 GMT

I'm getting the same problem!

Here's the image link:

https://drive.google.com/file/d/1eYwYUQ4igJWWD_2HcAbqWKTAHHqncflK/view

I hate TT! Wasted the whole **bleep** evening trying to figure out why this is happening and what to do about it.

Re: Cannot create K-1's for an estate...

PatriciaV — Mon, 14 Feb 2022 13:45:22 GMT

@joejoe1592
Please ignore the unrelated pop-up message, and go back to review your answers under Federal Taxes >> Distributions.

If you checked "No, it didn't make any distributions," you should see a pop-up asking "Do you want to create a Schedule K-1 for the beneficiary?"

Checking "Yes, I still want a Schedule K-1 created even if blank" will generate this form for you to save or print. Screenshot attached.

Additional info: How do I print a copy of my return filed in the TurboTax CD/Download software?

Re: Cannot create K-1's for an estate...

joejoe1592 — Tue, 15 Feb 2022 06:17:49 GMT

The only think under Federal taxes --> Distributions is the question:

How Much Was Distributed To Each Beneficiary?

Enter the amount distributed to each beneficiary in 2021.

There are 5 beneficiaries who all got equal amounts in 2021, which I filled in correctly.

That's it! There is nothing else on the page.

Re: Cannot create K-1's for an estate...

PatriciaV — Tue, 15 Feb 2022 14:21:55 GMT

As a test, try clicking "No" to the distribution question then "Yes" for creating K-1s.

Continue to the next topic, then go back to Distributions and enter the actual distributions (if necessary - the info may have been saved).
Continue to the next topic, then go to Forms and see if the Schedules K-1 were created.

Re: Cannot create K-1's for an estate...

Anonymous_ — Tue, 15 Feb 2022 14:37:55 GMT

@joejoe1592 wrote:

The only think under Federal taxes --> Distributions is the question:

Enter Forms Mode and inspect your List of Forms.

Look for any red exclamation marks next to each form.

Re: Cannot create K-1's for an estate...

joejoe1592 — Wed, 16 Feb 2022 03:09:44 GMT

I have been back and forth over this simple return and I do not see the screen you reference above with the questions on it.

This is what I am seeing. A simple form asking me to list the beneficiaries and the amounts they received:

https://drive.google.com/file/d/1AYViemeMiiXndZU3HfjmPOcbyTlXyxg7/view?usp=sharing

I tried going as far along as attempting to e-file and then looking at the printed forms generated. There are no K-1's that I can see.

All I can see is a form titled "Distributable Income for Schedule(s) K-1 2021.

Below that is a form titled "List of Beneficiaries" 2021. This list is the same as what is shown in the link above. The form looks incomplete as the boxes under the heading "General Allocation Percentage" DON'T HAVE ANY PERCENTAGES and the total filed at the bottom showing "Total general Allocation" _______% is blank.

Might my checking the box near the beginning saying that this is the FINAL RETURN possibly contributing to this mess in any way?