Remove S corporation error

Forum|Forum|4 years ago
March 17, 2022
1 reply
7 views

I do not have a S corporation but TurboTax insists I do and asks for a name. I need to delete anything to do with this non existent S corporation!

I found the following instructions:

To remove your erroneous S corporation:

1. Click Federal Taxes across the top.

2. Click Wages & Income across the top.

3. Click I’ll choose what I work on.

4. Scroll down to Business Items.

5. Click Start or Update by Schedules K-1, Q.

Click Start or Update by S corporations (Form 1120S).

Currently my screen shows 'update' at the "S corporations (Form 1120S)" line, but this does not delete/remove the entry. How do I remove it?

Thanks.

Best answer by VolvoGirl

Go to the K-1 entry area

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.

jm831Author

Level 4

Feedback for others in my situation:

I spoke to TurboTax support agent. She was very knowledgeable but could find no way to get rid of that nonexistent S Corp entry. The form it referred to (I think 1020) did not exist to be deleted but TT continued to believe I had an S Corp. So the only remaining option was to redo my taxes. 😞

VolvoGirlAnswer

Level 15

Go to the K-1 entry area

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.