turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

K1 income is being counted twice

I received form 1065 through a syndication. I have amounts reported in both box 1 (Business income) and box 2 (rental income). Turbo tax suggests that I create 2 separate entries as follows:

 

"Enter business income on one K-1"

"Enter real estate income on another K-1."

 

However, by doing so, my income is being counted twice. The amount going into form 8995 as well as the amount on line 8 form 1040 are doubled.  How do I get around this? Do I really need two K-1 entries as turbo tax is suggesting? how do I make sure the income is not counted twice?

 

Thanks!

 

 

 

 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

K1 income is being counted twice


@awesome1 wrote:

.....by doing so, my income is being counted twice. 


They are two separate activities so they should be counted separately.

K1 income is being counted twice

with Turbotax, you must use 2 k-1s if you have entries on lines 1 and 2.  

some other lines are generic so they can go on the first k-1. like interest income. 

other lines pertain to both lines 1 and 2 or 1 or 2 and must be separated and entered on the appropriate k-1

 

this is true of QBI/Section 199A/form 8995 info 

the line 20 details, perhaps contained in a separate schedule must be reported on their respective k-1s. you don't enter the total on each k-1. that will double up the reporting.

 

 

K1 income is being counted twice

Enter everything on the first K-1 entry  EXCEPT box 2   and then on the second K-1 entry ONLY enter box 2 ... the program will marry the 2 together on the return automatically because they share an EIN. 

Manage cookies