Partner FID # for K-1 in ProSeries Professional

[pacoford]

I have correctly entered SS# for partner on K-1. Receiving error msg that "must either enter a valid EIN, a valid SSN, etc.". I have checked for new updates in case there was a glitch and there are none. I have confirmed that the SS# input is correct. 

[Just-Lisa-Now-]

I feel like Ive had this happen in the past.  You've got it marked for Individual? and youve continued past that SSN box and filled in the rest of the info and still shows the error?

[pacoford]

Yes, I even deleted the page and re-entered and continue to have the same problem.

[Just-Lisa-Now-]

Do you have more than 1 partner input yet?  I think that may be the key....it needs more than 1 partner entered before it will allow the SSN for a partner.

So ignore the error and Page Down and enter partner #2's info and see if that first error goes away.

[pacoford]

Shucks, there is only one partner...any other suggestions? Thank you so much for your time and input, btw!!!

[Just-Lisa-Now-]

You dont have a partnership then.  Why are you completing a 1065 with only 1 person?

[pacoford]

That's a good question...I'll be honest with you. I'm not quite sure how to go about this. This is a limited liability company set up as a single partner company. Any advice?

[pacoford]

I feel quite silly not knowing what I'm doing. This client asked me to complete this return against my better judgment (sole proprietorship companies are more my forte). I understood that I should file schedule C on 1040 but was advised otherwise. Isn't that what I should be doing...Form 1040? Thank you for your help!!! 

[Just-Lisa-Now- · Accepted solution]

So you have a Single Member LLC, that has not elected to be treated as a corporation? 

Thats filed on a 1040 - Sch C just like any sole proprietor, its disregarded for tax purposes.

Which state are you in?  Some states have additional filing requirements for SMLLCs.

[pacoford]

I'm in Colorado. So I will go back to my first choice and file 1040. Thank you!!!

[Just-Lisa-Now-]

I think CO has an annual filing report that needs to be filed with the Secretary of State, I dont believe it has a special tax return though.

[pacoford]

Yes ma'am, that's all that is required...annual report through SOS. Thanks again! 

[JBP]

I am entering a tax id on a K-1 worksheet and the SS is valid yet I am getting an error saying the number must be valid. This is infuriating!

[David Hunter]

I am having precisely the same problem on 2 partners in a 6 partner partnership and I am positive the SSNs are valid.  They are my father and brother.  This is infuriating is right!  Can anyone help?