I need help. Experimenting with TurboTax Business 2022 (downloaded) for a Trust Form 1041. Trying to input income data from a K-1 to be received by the Trust. This K-1 has BOTH Box 1 (ordinary business income) and Box 2 (net rental real estate income) to be entered into TurboTax. It seems like I can enter either Box 1 info OR Box 2 info, but NOT both. I suppose I can separately enter Box 1 income as the first received K-1 and then enter Box 2 income AS IF received from a second K-1, but that seems kludgy. Any more elegant solutions?
@lzedatTT wrote:
......I suppose I can separately enter Box 1 income as the first received K-1 and then enter Box 2 income AS IF received from a second K-1, but that seems kludgy. Any more elegant solutions?
Not really. The method you suggested is the one that needs to be used by the TurboTax program.
Even if you try to enter both income items on one K-1 in Forms Mode, the program will throw a flag.
I think that's the way to do it. Enter it as separate K-1.
@lzedatTT wrote:
......I suppose I can separately enter Box 1 income as the first received K-1 and then enter Box 2 income AS IF received from a second K-1, but that seems kludgy. Any more elegant solutions?
Not really. The method you suggested is the one that needs to be used by the TurboTax program.
Even if you try to enter both income items on one K-1 in Forms Mode, the program will throw a flag.
Yes - that was the response from TurboTax when I tried to enter both Box 1&2 income using the 'Forms' mode entry method. I suppose I will accept the inevitable, thanks.
OK ... if you get a K-1 form with box 1 & box 2 entries then in the TT system you will enter the K-1 twice ... on the first form you will enter everything EXCEPT box 2 on one form and ONLY box 2 in the second form entry. The program will automatically marry them together.
I'll give that a try, I was mildly perturbed to have two K-1 Worksheets and QBI forms for the single K-1. Thanks for the suggestion.
@lzedatTT wrote:
I'll give that a try, I was mildly perturbed to have two K-1 Worksheets.......
You will still have two K-1s, regardless (and unfortunately).