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No, that is double counting. Because there is information in both Boxes 1 and 2, you will need to complete entries for one K-1 with all the information except for Box 2. Then, Add Another K-1 but only include the amount in Box 2 (don't enter the rest of the numbers for that one).
How about the capital information it asks you, when you start a "new" K-1 it asks you to fill out Begining Capital End Capital, do you do that only for the 2 of the K-1s or only if relevant.
How about the capital information it asks you, when you start a "new" K-1 it asks you to fill out Begining Capital End Capital, do you do that only for the 2 of the K-1s or only if relevant.
i followed this method and because box 1 had a loss BUT no other data entered for that second K1, IRS challenged it saying that since there was no investment shown at risk on that second k1, they disallowed the loss (above the standard $3000). THIS IS A PROBLEM WITH TURBO TAX NEEDS FIXING
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