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Adding or removing partners and shareholders in ProSeries

SOLVEDby IntuitProSeries Professional97Updated July 12, 2022

How do I add other partners to the Schedule K-1 Worksheet?

Follow these steps to add partners or shareholders to the Schedule K-1 Worksheet:

  1. Open the client return.
  2. Press F6 on your keyboard to bring up Open Forms.
  3. Type in "K1W" and press Enter to open the Schedule K-1 Worksheet.
  4. Click on the ID No. for the existing partner.
  5. Press the Page Down key on your keyboard.
  6. Enter the next partner's information.

Deleting or removing a Schedule K-1 Worksheet from a 1065 or 1120S return

To remove a partner/shareholder from your Partnership or S-corporation return, you must permanently the associated Schedule K-1.

In order to permanently delete a Schedule K-1, delete the last one in the list of partners or shareholders.

  1. Page down on the Schedule K-1 Worksheet to the last partner or shareholder.
  2. Delete all entered data for that partner using the delete key on each field.
  3. Click on the QuickZoom button. Which is located on the right side of the screen.
  4. The Schedule K-1 will now show as (Untitled) at the top.
  5. From the Forms menu, select Remove Schedule K-1 (...).
  6. 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. Click the Remove Listed Forms button.
  7. If the Partner's Basis Statement has been maintained, it may still contain information for the deleted partner. It must be manually deleted.
  8. Go to the Partner's Basis Statement (Partners Basis). The last one will be shown as "Untitled".
  9. From the Forms menu, choose the "Remove Partners Basis (Untitled)" selection.
  1. On the Schedule K-1 Worksheet, select the partner to be deleted.
  2. 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.
  3. 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The effect is that the deleted partner has been replaced by the last partner.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.

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".

The K-1 worksheet for the 1065 and 1120S has a table where you enter the partner or shareholder information. This table will expand to add more partners/shareholders beyond what's visible on the screen.

You must enter the information into the table without leaving any blank sections between partners/shareholders. If you have errors in the K-1 worksheet on the federal or state, it's probably due to removing a partner or shareholder from the K-1 Worksheet.

If a partner or shareholder was removed, and it wasn't the last one on the list, the program doesn't move the remaining partners or shareholders up to fill in the gap. You must manually move each partner or shareholder up to fill in any gaps. You can do this by moving the last partner or shareholder up into a empty space, and then deleting that information from the last space they were found on.

Once the partners or shareholders are all rearranged with no gaps, make sure the total number of K-1s is correct on the K-1 Worksheet. If not, you'll need to remove any (Untitled) K-1's showing.

Follow these steps to remove an (Untitled) K-1:

  1. Open the (Untitled) K-1.
  2. From the Forms menu, select Remove Schedule K-1 (untitled), starting with the last Schedule K-1 on the list.

For  1120-S Corporation returns, If the (Untitled) K-1 has been deleted, and the Schedule K-1 Worksheet is still showing the incorrect number of shareholders, check the Weighted Average Ownership Percentage Worksheet for the correct number of shareholders. If the Weighted Average Ownership Percentage Worksheet is still showing the incorrect number of shareholders, remove the worksheet.

Follow these steps to remove the worksheet:

  1. Open the Weighted Average Ownership Percentage Worksheet.
  2. From the Forms menu, select Remove Ownership % WKS.

If the above solutions don't resolve the errors on the K-1 Worksheet, you may need to remove the K-1 Worksheet completely and re-enter the partner/shareholder information again.

Follow these steps to remove the schedule K-1 worksheet:

 

These steps will remove all K-1 worksheets and all partners or shareholders.

  1. Open the Schedule K-1 Worksheet.
  2. From the Forms menu, select Remove Sch K-1 Worksheet.
  3. A warning box will appear asking if you are sure you want to remove Schedule K-1 Worksheet. Click Yes to remove the worksheet.
  4. Open the Schedule K-1 Worksheet.
  5. Re-enter the information:
    • Press F6 on your keyboard to bring up Open Forms.
    • Type "K1W" on your keyboard and press Enter to open the Schedule K-1 Worksheet.
    • Re-enter the partner/shareholder information without leaving any gaps between partners/shareholders.

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