Form 1120S K-1 worksheet - how to delete fields for non existant shareholders

[dasnowball]

Client had 3 shareholders in 2022.  Two surrended their shares and K-1s are marked final but when I work on 2023, the K-1 Worksheet still has fields highlighted for #2 & 3 as well as Statement A for #2 & 3.  I tried to follow the help directions - How to Delete a Schedule K-1 but they do not work.

How can I delete these highlighted fields on the Schedule K-1 worksheet as well as the Statements A?

[jeffmcpa2010]

When did they surrender their shares?

It they didn't surrender them until January 2023, would they have been a shareholder for part of the year ?

If they surrendered in 2022, the 2022 K-1 should have been marked final at that time.

It may be that you have to do a very small proration (to make their K-1's show 0) if they only owned the shares for a few minutes or a day on January 1, 2023.

[jztax]

Enter shareholders information, then zero percent for the ownership will solve the problem.

[dasnowball]

Thanks.  They surrendered in 2022 and K-1 were marked final.

[dasnowball]

'll try and see if that works.  Thanks

[adam_cpa]

Any solution to this?  This is happening on two of my S Corps.  2022 marked final for a shareholder.  2023 has an extra shareholder with no name, ID number, etc.  Yet, there are red error message boxes wanting me to complete the information for a shareholder that does not exist.  How do I resolve this?

[dkh]

Based on ProSeries Help instructions for K1 Worksheet - To delete a Shareholder -  it seems it can be convoluted if the shareholder you are deleting is not the last in the shareholder list.

Instructions indicate you have to reenter shareholder information......not ideal.

I'd first try hitting delete through each data entry box of the K1 worksheet of shareholder you want to delete.

[adam_cpa]

There is nothing to delete.  All the red boxes are blank.  Just like the picture that was shared up above.

[dkh]

yes but maybe the program thinks there is data....don't ask me why it would but it might.  

Can't hurt to hit delete in each data entry box..... better than the alternative of re-entering shareholder info

[IRonMaN]

For whatever reason, sometimes the software just ends up with a phantom K-1 that you can't shake.  We have encountered this before and there have been other posts about it over the years.  Sometimes it is easier to start a new return.  Sometimes you can create a copy of the prior year return and mess around with it to delete that other K-1 and then transfer it.  We just had one the other day that a family member was bought out the prior year.  Since it was family, we just left the phantom in the return using the individual's name, etc but showed ownership as zero percent just to get around the problem.  It sucks.

[adam_cpa]

I already tried that previously.  And, the alternative is to start over or do what was suggested in the last post.  I can't simply delete the "shareholder".  There isn't one there to delete.

[deemus]

I have this exact problem.  I tried the fix above to enter 0% ownership.  It made all but the zip and state go away.   Can't seem to make those two go away.  

Proseries?   You on this?

[dkh]

Based on ProSeries Help instructions for K1 Worksheet - To delete a Shareholder -  if the shareholder you are deleting is not the last in the shareholder list.you have to reenter shareholder information......  in other words, you cannot actually delete a shareholder 

[IRonMaN]

Even if you reenter the information, that doesn't mean it is going to work.  This is a bug and I don't believe the mad scientists at Intuit have figured out a fool proof fix yet.