Yes, but . . . my partnership K-1 Box 11 Code A includes 2 component amounts: Other Portfolio Income and IRC Section 988 Income/Loss (foreign currencies). However, TurboTax does not have the capability to report more than one Code A amount in the Code A Detail Screen.
TurboTax Help instructs to manually add the second amount to the schedule where you want to report the income, which would be Schedule E in this case. But, Sch E expects to receive data from other forms and worksheets and it doesn’t accept manually entered data. You could override the protected field on Sch E to enter the data. But if you override Sch E, then TurboTax can’t electronically file the return.
I called TurboTax Support and got this workaround (which works). Create a second duplicate K-1 for this partnership to enter only the Section 988 loss. The second K-1 needs to have Part I filled out completely (identical to the Part I in the first K-1), type of activity, and then only the Box 11 line A amount for the Section 988 loss. Therefore, reading these two K-1's together, the first K-1 reports all of the data on the original partnership K-1 (including the Other Portfolio Income amount in Box 11 line A but not the Section 988 loss) and the second K-1 has only the Section 988 loss.
Using this workaround, the Other Portfolio Income amount and the Section 988 loss from this partnership will appear on Sch E as separate line items, but that's OK. In my case, the Other Portfolio Income amount was a gain and shows up in Sch E column k, and the Section 988 amount was a loss and flows to column i.
I urge TurboTax to add the capability to report more than one Code A amount from a K-1. And Bob's your uncle.
