Level 3

Schedule K-1 Partner entity type

Forum|Forum|4 years ago
March 2, 2022
2 replies
17 views

Client recently created an LLC as the only member, the IRS instructed him to file a 1065 (instead of a Schedule C). When I entered the partner's information, I used DE as a Partner entity and entered the partner's SS# and name, but I keep getting an error from the program, then decided to switch to "I" for individual but the error is still there. What am I doing wrong? I need to move on since the 1065 must be filed by 03/15/2022. Please help!

ProSeries Tax

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IRonMaN

Level 15

The IRS doesn't tend to tell single member entities to become a partnership since you can't be a partnership with only one partner. File the business as a schedule C. If someone messed up in an application for a tax ID number, deal with any potential IRS notices later if any actually show up.

Slava Ukraini!