The only options to select from this prompt is "I'll do this now" or "Let's skip this." I have repeatedly reviewed this K1 and it is correct and does indeed have entries. So, I did click "Let's skip this" and then the review never stated there was any errors. Is this something to be concerned about or do I just accept no errors and file?
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Click on Forms in the right hand corner. Do you see the K-1 filled in? If everything is there with no red exclamation marks, you can file.
I am using the online version, so I cannot click on the forms icon unfortunately.
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.
I did not have one last year. Unfortunately I have pressed yes and update several times and there is nothing different I need to enter. I did try making changes to the name temporarily as well but that didn't work either. The only thing is if I select "skip this" and go to the review, there is no errors. So I do not know if it is ok to file. I mean the info in the K1 is correct so, I don't understand why the software keeps prompting this loop:(
Inadvertently you have created a K-1. Please follow these steps to delete the K-1.
Online
To delete a form using TurboTax Desktop, here are the steps.
4. On the left under "Forms in My Return," scroll until you see Form K-1.
5. Select Form K-1. In the bottom left corner, select "Delete Form."
6. Return to Step by Step.
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