Sch. K-1 errors during Federal Review

[TexasYellowJacket]

Running federal review and it pulls up 7 "errors" with one of 2 Sch. K-1s. It is looking for property information as if this is a real estate K-1. It has nothing to do with real estate / rentals. The 2nd K-1 doesn't show any issues and is very similar company. 

Thoughts on how to correct without having to delete the K-1 and do it completely over and hope it works? 

Thanks,

[TexasYellowJacket]

I deleted the original K-1 and entered again. Now turbotax is acting like both K-1s deal with property / rentals. What is wrong with this software? 

[JamesG1]

What kind of K-1 are you reporting?  There are three different kinds of K-1’s that can be entered into TurboTax software.

• Partnerships/LLCs (form 1065)
• S corporations (form 1120S)
• Estates and trusts (form 1041)

You should be able to read the top of the form and determine which K-1 that you will be entering.

What is the error message that you are receiving say?  Please clarify.

Does the message refer to unadjusted basis of qualified property (UBIA)?

@TexasYellowJacket 

[TexasYellowJacket]

They were both 1065s for Partnerships. Required phone help from TT specialist yesterday.

She helped delete multiple Sch E forms that should not have been there. 

I would not have been able to resolve without her direct help.