2023 Turbotax Thinks I Need a K-1

[dminches]

When I do a final review of my 2023 federal taxes TurboTax is telling me I need to fill out a Sch K-1. I am self-employed and file out a Schedule C so I don't understand why it thinks I need a K-1. What could be causing this?

[PatriciaV]

Did you have income from a Schedule K-1 last year? Sometimes a form is carried over from a prior year when you don't need it.

You can try deleting the Schedule K-1 from your return (form name starts with K-1).

If you are using the Desktop version of our software (CD/Download):

1. Click on Forms in the upper right of your screen
2. Find the relevant form on the left hand side of your screen in the Forms in My Return list
3. Click on the form (note, there may be one for both taxpayer and spouse if married filing jointly)
4. Click Delete Form button at the bottom of the screen
5. Click Yes to confirm you want to delete

If you are using TurboTax Online:

1. Login to TurboTax and click on Continue your return to get into the prep section
2. Click on My Account at the top of your screen
3. Click on Tools 
4. In the list at the bottom, click on Delete a form 
5. Click Delete next to the relevant form
6. Click Delete Selected Form to confirm deletion

[dminches]

I have never had a K-1 which is why it is confusing me.

I am able to delete the form but whenever I check for errors or do a final review the K-1 reappears since the program thinks I need one.

This may have something to do with Form 7206 which isn't final.

[RobertB4444]

If the system thinks that you should have received a K-1 then that means that you told it that you received income from a partnership or corporation that you own part of.  You may have meant to tell it that you received income from a corporation or partnership that paid you for services but the answer triggered the need for a K-1.  

Go back through your business entries and see if you can find where you answered that question and change your answer to 'no'.  That should fix the problem.

@dminches 

[dminches]

I will look for that but I did not go through the interview process.  I just transferred my prior year return and edited the forms.

Thanks.