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david-snelgrove
New Member

Entering information from K1 with entries in both boxes 1 and 2 as separate K1's in turbotax

When entering info for Box 1 as initial K1 in turbotax, I fill in data from all other boxes (5, 10, 19, 20) on the K1. Do I repeat the info from those boxes when entering the separate   K1 due to amount in Box 2 or omit info from those boxes on 2nd K1?
2 Replies
IreneS
Intuit Alumni

Entering information from K1 with entries in both boxes 1 and 2 as separate K1's in turbotax

On the first K-1 enter all the information EXCEPT box 2.

On the second K-1 enter ONLY box 2.


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renos
New Member

Entering information from K1 with entries in both boxes 1 and 2 as separate K1's in turbotax

How do you handle a complete sale in the situation above? Is there a "cost basis" for the second K-1, requiring adjustments like this:
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/3760966">https://ttlc.intuit.com/questions/3760966</a>
Or do you make all your cost basis adjustments to the first K-1, and leave the inputs for sale price, partnership basis, etc on the second one blank?
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