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william-rosa
New Member

I have an entry on my K-1 in box 1 and 3, but can only enter in box 1 OR 3, not both. How do I enter entries in box 1 AND 3?

How can I enter numbers in box 1 and 3 on the K-1?
1 Best answer

Accepted Solutions
PatriciaV
Employee Tax Expert

I have an entry on my K-1 in box 1 and 3, but can only enter in box 1 OR 3, not both. How do I enter entries in box 1 AND 3?

If your K-1 shows more than one type of activity (ie: Box 1 and Box 3), treat each one separately. Enter all Box 1 business items on one K-1 and all Box 3 rental items on a separate K-1.

When you add a new K-1 for the second activity, enter only the information from Part I, skip Part II, then enter the income & expenses for Box 3 (rentals).

See the screenshot below for the instructions that appear when you check the box for "This K-1 reports amounts in more than one of boxes 1, 2, and 3" (click to enlarge).


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2 Replies
PatriciaV
Employee Tax Expert

I have an entry on my K-1 in box 1 and 3, but can only enter in box 1 OR 3, not both. How do I enter entries in box 1 AND 3?

If your K-1 shows more than one type of activity (ie: Box 1 and Box 3), treat each one separately. Enter all Box 1 business items on one K-1 and all Box 3 rental items on a separate K-1.

When you add a new K-1 for the second activity, enter only the information from Part I, skip Part II, then enter the income & expenses for Box 3 (rentals).

See the screenshot below for the instructions that appear when you check the box for "This K-1 reports amounts in more than one of boxes 1, 2, and 3" (click to enlarge).


Pazzy
Level 2

I have an entry on my K-1 in box 1 and 3, but can only enter in box 1 OR 3, not both. How do I enter entries in box 1 AND 3?

It makes sense that if you have to enter multiple K-1s you would want to avoid entering the same info twice, but how do I determine what to enter in each form from Part III (i.e. the info in Box 17, 19, 20, etc...)?

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