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Level 2
March 14, 2024
Question

Shareholders with a final k-1 in 2022 are transferring to 2023 and I am unable to delete their k-1 worksheet. How do I remove them form the 1120s return?

  • March 14, 2024
  • 5 replies
  • 18 views
I am unable to e-file without entering their information on the blank k-1 worksheet.

5 replies

Just-Lisa-Now-
Intuit Community Champion
March 14, 2024

You cant open the K-1 worksheet and Delete it?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
IRonMaN
Level 15
March 14, 2024

@Just-Lisa-Now-  - no, you can't.  The issue has been around for at least a couple of years but seems to be a lot more common this year.

Slava Ukraini!
IRonMaN
Level 15
March 14, 2024

It's a problem that seems to be popping up more and more this tax season.  For the one I had, I left the former shareholder's K-1 in the software with zero percent ownership.  If you catch it early you could make a copy of the prior year return, delete the former shareholders, adjust the percentage of current shareholders and re-transfer the return.  But that is a lot of extra work if you have the current year return basically done already.

@1569  since there have been a number of posts about this issue this year, is this on anybody's radar at ProSeries?

 

Slava Ukraini!
March 14, 2024

We'll do some research on this. Thanks @IRonMaN @Just-Lisa-Now- @kbear70 

Level 3
March 14, 2024

Thank you  I have the same issue

March 14, 2024

In the meantime, @kbear70 @pweymouth13 have you tried permanently deleting the partner/shareholder from your return? Scroll to the bottom of this help article to the section Deleting or removing a Schedule K-1 Worksheet from a 1065 or 1120S return. 

Level 3
March 14, 2024

Yes I have tried this with no success.

 

kbear70Author
Level 2
March 14, 2024

ProSeries was able to guide me through removing the Schedule K-1 for the former shareholders. I had removed the shareholder information in the K-1 worksheet but it was still showing errors because the K-1 was not able to be deleted.  My shareholder count was still at 2 etc. They had me go to the k-1 worksheet of the nonexistent shareholder, click on “quickzoom” to the Sched K-1. This brought up an untitled K-1, right click in the middle of the panel containing the check boxes for Final & amended K-1 (under the tax year information). A drop down box appeared and the top choice was “remove K-1 Untitled”. All info associated with this K-1 was deleted and I was able to e-file the extension and will be able to e-file the return without entering shareholder info with 0 ownership.

March 14, 2024

As we investigate this, the workaround at this time is remove the whole K1 worksheet and rekey the partners.