Greetings! I have been using TurboTax for more than 5 years, and bought a stock (stock market stock) few years ago. I have entered K-1 info past few years very simply, using the K-1 info provided by the stock company.
This year, I completed entering K-1, and after the final review, am getting a prompt that an additional Form 1041 needs to be filled out. It shows Schedule K-1 Worksheet - Estates and Trusts. I am a bit confused, as I don't have an Estate or Trust, nor inheriting any.
Do I need to complete this form?
Am wondering what had changed.
Thank you very much for any clarifications.
Best,
jv3_2000
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.
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.