My sch. K-1 (1065) has entries in boxes 1, 2, 14( code A), 19( code A) and 20 has a code Z* (STMT). Turbo Tax says input a K-1 for the box 1 entry and a separate K-1 for the box 2 entry. Where do I put all the other amounts?
Also, for the State of CA I have Form K-1(568) and since I have created 2 K-1’s for Federal I now have 2 K-1’s for State. Which K-1 do I select to put line 1 California adjustment column (c) for Ordinary income (loss) from trade or business activities and which K-1 do I select to put the California Adjustment column (c) for line 18c Nonrefundable expense.
ps: I did speak today 4/8/24 to a tax expert and that person didn't know how to do K-1s and after an hour waiting for her to reach out to someone she hung up to me and then messaged me to reach out to the person who created my K-1 which was someone with H&R Block. I have been using turbotax for over twenty years and this K-1 on your software has been a nightmare! I did try H&R Block and it was a breeze with my K-1 but I do not want to make the switch to them SO PLEASE HELP!!!!!
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 the California income adjustments, use the first copy for Ordinary Income (Loss). If you have Nonrefundable expenses on either K-1, enter that amount (or add the two K-1s together).