Entering Box 1 from Schedule K1 form 1065

Forum|Forum|3 months ago
April 6, 2026
1 reply
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Using Turbotax home and Business . When I enter 1065 K1 that has box 1 information ordinary business income (loss) (but not box 2 or 3) into the program, TurboTax easy step asks what type of partner I am, in this case the answer is a limited partner and then proceeds to ask what boxes of the K1 have information in it, but only for boxes 4- 20. It does not ask for the information in box 1

If the number in box 1 is a loss that comes from a lower tier partnership, should that be entered in the forms mode to keep track of passive losses or do I keep separate track of it for basis?

Why does TurboTax ignore that box? It is hard to believe that the information is totally irrelevant. What am I not understanding?

JamesG1

Level 15

Is this a partnership whose income is reported in a subsequent 'higher tier' partnership? Please clarify.

In TurboTax H & B, I follow these steps to enter a partnership K-1.

At the screen Tell Us About Your Schedule K-1, click to the right of Partnerships / LLC's.
At the screen Enter Partnership Name and Address, enter the information. Click Continue.
At the screen Choose the Type of Partner, click Continue.
At the screen Choose the Type of Partner, select Limited Partner. Click Continue.
At the screen Choose the Type of Partner, select Domestic Partner. Click Continue.
At this time, no entries are required for the ownership screens. Click Continue.
At the screen Describe the Partnership, select None of these apply. Click Continue.
At the screen Choose Type of Activity, select Business - Box 1.

How do your specific details differ? Please clarify.

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TTAX25Author

Level 2

Thank you for your answer. I enter all the information as you laid out, however since the partnership is an investing holding company I choose "Other" rather than "business". What I have done in the past is then enter the box 1 info directly into forms and do not check the active participation, but I'm not sure that this is correct way either