See below for details on Form 1065 and how to make adjustments. If you received an error message, it will let you make the necessary corrections to file correctly. Hope the below information Helps!..
I assume you received Form 1065 Schedule K-1 to add to your Return. First of all you need to upgrade to Premier to enter a K-1. Just make sure all entries that you are adding to your return are exact as what is on the 1065 Form.
If you received a Schedule K-1 and need to enter it in TurboTax, using the search bar in your TurboTax program, type in k1 or k-1 (small k) and click Find. This should give you a Jump To link to go directly to it.
OR
To enter a K-1 go to
Federal Taxes Tab
Wages and Income
Choose Jump to Full List -or I'll choose what I work on
Then scroll way down to Business Items
Schedules K-1, Q - Click the Start or Update button
Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S
Enter each k-1 separately.
Once the information is corrected it will allow you to File Successfully. You can E-file or, if you wish, you can Print the completed Return and Mail it in. It will print up the full Mailing Instructions for you.
This does not answer some people's questions. I don't have a form 1065 and I use Turbo Tax Deluxe 2020. But I get an error message during review regarding both the K-1 form and Chapter S. Turbo Tax Deluxe doesn't even support these and I can't go to the forms to delete them.
Thank you --
Frank Bolton
@frankexsjbolton Are you using Online Deluxe or the Desktop CD/Download program? In online you need Premier for a K-1. So I don't know how you can delete it in Deluxe.
Otherwise for Desktop Deluxe.
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.
VolvoGirl --
I tried what you suggest and put in a fake name, then ran update again and deleted it. . Farther down on the K-1 form, all my information is filled in -- SS#, name address, etc. If I delete it and press tab for the next line, it simply reappears.
FYI, I am using TT Deluxe which I downloaded to my computer.
Did you get an answer to this? I'm having the same problem with Turbo Tax. I don't have a schedule K and it won't let me file.
I'm on Premier; I didn't have a schedule K last year either. I've tried the Fake Name, but I'm stuck in a horrible loop.
If you can clarify what issue you are having (or what error message you receive) we'll try to help.
Click this link for more info on Entering Form K-1.
I did the same thing as another poster: if you get some empty K-1 thing which is impossible to delete under Wages&Income, just go enter some garbage information into it until that section is complete. Then at the end you will be able to delete it and it will disappear from the Wages&Income section. Somewhat buggy that you have to do this, but it works.