Form 1065 K-1 has supplemental statement for Part III with data for Items No 1 thru 20 for four different PTPs. How do I enter all this info in TT?

Forum|Forum|7 years ago
June 4, 2019
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The K-1 states "Do Not Use Part III Information -- See 2016 Supplemental K-1 Information Statement". The Supplemental form lists Part II data (Nos 1 - 20) for four different PTPs. How does TT handle this, that is, how do I enter all these values?

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nexchap

Level 9

You'll actually create different K-1's for each sub-PTP. Here's an answer to a similar question that explains why: https://ttlc.intuit.com/questions/3892957?notification_token=ff3910567f6a79af2f27ca92310d395e

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turbojenny

Level 2

How does one calculate the basis in this instance? Since the basis information is given in Part II of the Supplemental K-1 how do you break down the basis for the different partnerships listed on the breakdown page?

rgwebtax20

Level 2

On K-1 Supplemental Part III I may have more than one partner - how do I enter this information in the separate K-1's as part of my tax return?

gradyquib

Level 2

I have the same issue with a K-1 from ET - there are 3 entities on the supplemental statement. the problem i see is that the 3rd entity has a value in line 1 and line 2. if the solution is to use the supplemental information then an entity in the supplemental statement should not have amounts in both columns. that is the k1 issue to begin with that is forcing you to use the supplemental info to detail more than one k1 entry. Advise?

nexchap

Level 9

@gradyquib Here's a much more recent question on ET that I just answered. It should help you too: https://ttlc.intuit.com/community/get-started-in-community/help/need-help-in-understanding-how-to-enter-a-k-1-with-multiple-companies-reporting-on-the-same-k-1-and/01/2216354

**Say "Thanks" by clicking the thumb icon in a post. **Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user. . Use any advice accordingly!