Do I add sale/basis info in 2nd K-1 w multiple box...
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austindan
Returning Member

Do I add sale/basis info in 2nd K-1 w multiple boxes? TT asks for it on the final review and adding it in seems to dbl my taxes.

I understand I need to have separate (form 1065) K-1s for each of boxes 1, 2, or 3.  I have 1 and 2.  The first K-1 has all boxes but box 2, and the 2nd has only box 2.  Even with checking only box 2 in the 2nd K-1, it asks again about the sale and basis info in the 2nd one as well, and seems to dbl the taxes.  What is the right breakdown to include in the first and 2nd K-1s without redundant entries and tax?

2 Replies
Carl
Level 15

Do I add sale/basis info in 2nd K-1 w multiple boxes? TT asks for it on the final review and adding it in seems to dbl my taxes.

What's a K-2? Some kind of state form for some state you forgot to mention maybe? Or did you mean to type K-1? If the latter, then what kind of K-1? A 1065 K-1? Or an 1120-S K-1? It matters, because they are not the same when it comes to line numbering.

austindan
Returning Member

Do I add sale/basis info in 2nd K-1 w multiple boxes? TT asks for it on the final review and adding it in seems to dbl my taxes.

Carl, thank you for your clarifying question regarding the K-1 (I wrote K-2, it's a type of snow ski I used to have... so much for doing taxes in the early hours of the morning!)  It's a K-1 form 1065.  

 

I appreciate your help!

Dan

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