You'll have to create two K-1s within TT. The reason is that PTP rules do not allow losses from one PTP to offset gains in another. So if you entered the total of the two PTPs on a single K-1, you could violate the rule.
Make "partnership name" on each K-1 something like "ETP (ETP entries)" and "ETP (USAC entries)" to tell them apart. There's no need to enter the Part II info on the USAC one.
In Turbo Tax, for the K-1 you create for ETP (USAC entries), would you use the Part 1 info (name, FEIN and address) for ETP, and not USAC? I understand you can skip the Part II info, but Part 1 has to be filled out to proceed. I'm a bit confused, as the K-1 from the company provides the FEINs for each PTP.
Definitely use ETP's name and address (though adding on the "(USAC entries)" for clarity is fine). As for FEIN, I've seen arguments both ways and am not sure if there's a Reg somewhere that specifies what's correct. The argument for using ETP's FEIN is that they're the one reporting the financials and it may make things easier for the IRS computers to match things up. The argument for using the USAC FEIN is that a) ETP gives it to you on the page where they say "Use this info" and b) its useful in identifying which PTPs can be combined (if, for example, you had USAC reported on another K-1) and c) Part 1 is titled "Information about the Partnership" and you're reporting on USAC. Sorry I can't be definitive, but worst case, if the IRS ever asks, it won't be hard to clarify.
Thanks for your response! Greatly appreciated. I went with using the PTP's FEIN (in this case USAC's FEIN) and ETP's name and address for Part 1 i.e. "ETP (USAC Entries)".
OK ... Look at the top of that page ... the columns are for different companies ... you need to choose the column for your company and only use that column.