I have an amount on my Schedule K-1, Form 1065, Box 20, Code Z. What amount(s) do I list if there are 3 under a Trade or Business EIN and another Passthrough with 2?

[micahboom]

The first EIN has a description of Trade or Business and has amounts for Ordinary Income, W-2 Wages & Unadjusted Basis of Assets. The second EIN has a description of Passthrough and has amounts for Ordinary Income & W-2 Wages.

[JamesG1]

In both TurboTax Online Premium and TurboTax Desktop Premier, at the screen Choose Type of Activity, select This K-1 reports amounts in more than one of boxes 1, 2, and 3.

The instructions read:

Since your K-1 reports amounts in more than one of boxes 1, 2, or 3, the partnership/LLC is involved in more than one type of activity. You should treat each activity separately in TurboTax.

Enter the business activity amount, box 1, on one K-1

Enter real estate rental activity amount, box 2, on another K-1

Enter other rental activity amount, box 3, on a third K-1.

In addition, you would be able to enter two business activity amounts, box 1, that is reported on one K-1.  Hopefully, your attachments will provide all of the additional information that you need including EIN numbers, if necessary.

You may find that individual section 199A information is reported for each business activity.  The entries on the K-1 are reported on two K-1 entries into the TurboTax software.

Original K-1                                                                         EIN 1                                                     EIN 2

Box 1     $1,000                                   =                             $500                                                      $500

Box 4     $100                                      =                             $75                                                        $25

Box 5a   $200                                      =                             $150                                                      $50

Box 5b   $100                                     =                              $75                                                        $25

W-2 wages $50,000                          =                             $25,000                                                 $25,000

UBIA $100,000                                   =                             $50,000                                                 $50,000