Form 1065 Schedule K-1

Forum|Forum|5 years ago
January 30, 2021
4 replies
21 views

I am preparing a 1065 LLC return with 2 members. I entered the first member's information and I'm getting an error for his social security number. What am I missing?

Secondly, when I try to add the second member on the K-1 Wks, the box lists the first member however the add new tab is grayed out. What am I missing?

This is a new client that I am entering for the first time.

ProSeries Professional

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Best answer by dkh

@stellex356 Did you get your second member entered? When you are on the K1 Worksheet for member 1....... go to the bottom right of the info entry box where it says Partner #1 and use the down arrow to get to next entry screen.

You will get an error for the SS# of member 1 until you have added member 2. It is a safeguard to prevent filing a single member LLC on Form 1065.

Hope this helps.

dascpa

Level 11

You will typically get that error until you enter all the members/partners/stockholders. Until you hit 100% ownership the program displays different error messages.

S

stellex356Author

Level 3

Is that why it won't let me add a second member?

dkhAnswer

Level 15

@stellex356 Did you get your second member entered? When you are on the K1 Worksheet for member 1....... go to the bottom right of the info entry box where it says Partner #1 and use the down arrow to get to next entry screen.

You will get an error for the SS# of member 1 until you have added member 2. It is a safeguard to prevent filing a single member LLC on Form 1065.

Hope this helps.