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Deleting an 1120S Shareholder

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Level 1

I accidentally tabbed into the Shareholder #5 part of the Shareholder worksheet, and now ProSeries won't let me delete the extra shareholder tab.  I have tried the ProSeries instructions to delete all manual input and then Remove the K-1, but it blinks and nothing happens.  I even filled out the information with dummy data, then deleted it all and tried again. The same thing happens!  Would love to get it eFiled, but ProSeries Insists that there's a 5th shareholder.

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2 Replies 2
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Level 4

I am having the same issue.  Did you ever figure this out?

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Level 4

Problem Description

How do I remove a Partner/Shareholder from the Form 1065 or 1120S?

 

Never mind i found it another search on here

 

How to Delete a Schedule K-1

 

 

To permanently delete a Schedule K-1 delete the last one in the list of partners or shareholders.

If the last partner or shareholder on the Schedule K-1 Worksheet is the one to delete:
Page down on the Schedule K-1 Worksheet to the last partner or shareholder.
Delete all entered data for that partner using the delete key on each field.
Click on the QuickZoom button. Which is located on the right side of the screen.
The Schedule K-1 will now show as (Untitled) at the top.
Choose the Remove Schedule K-1 (...) selection from the Forms Menu.
If the Schedule K by activity has been used , a dialog box will appear listing the Untitled Schedule K-1 along with the connected Schedule K-1 by Activity Information form. Choose the Remove Listed Forms button.
If the Partner's Basis Statement has been maintained, it may still contain information for the deleted partner. It must be manually deleted.
Go to the Partner's Basis Statement (Partners Basis). The last one will be shown as "Untitled". Choose the "Remove Partners Basis (Untitled)" selection from the Forms menu.
If the partner or shareholder is not the last one on the Schedule K-1 Worksheet:
On the Schedule K-1 Worksheet, select the partner to be deleted.
Replace the identifying data for the partner you want to delete, with the identifying data from the last partner on the Schedule K-1 Worksheet.
Complete steps 2 through 8 in the section above to remove the last partner or shareholder.
The effect is that the deleted partner has been replaced by the last partner. If the Partner's Basis Statement has been maintained, move the basis information for the last partner to his or her new location and delete from the last record.

 

NOTE: These instructions are also available in both the 1065 and 1120S returns, in the Tax Help for the Schedule K-1 Worksheet. In the Tax Help, look for the link "delete specific K-1's".

 

Product Affected

ProSeries/1065
ProSeries/1120S