How do I split a K-1 with multiple activities into separate K-1s? Specifically the totals from block 14.

If your Schedule K-1 has amounts in both Box 1 and Box 2, you will need to add another K-1 to report Box 2 only.

 

Enter all the information from Part I and Part II of the K-1 on both copies. Include all information from Part III on the first copy - except for the amount in Box 2. The second copy should have only the amount in Box 2 from Part III.

 

If, however, you received additional information with Schedule K-1 that provides the breakdown of the amounts in the other boxes, use this info to split the other box amounts between the K-1s. Otherwise, follow the instructions above.

 

For Box 14 (Net Earnings from Self-Employment), if you know which activity generated the self-employment income, you would enter the entire amount in Box 14 on the related K-1. Otherwise, you can allocate the Box 14 amount based on the income for each activity as follows:

 

Example

• Box 1 = 3,000
• Box 2 = 1,000
• Total income = 4,000
• Percentage income for box 1 = 3,000/4,000 = 75%
• Box 14a = 2,000
• Amount for Box 1 K-1 = 2,000 x .75 = 1,500
• Amount for Box 2 K-1 = 2,000 - 1,500 = 500