If I have to fill out a K-1 (Form 1065) twice because there was a value in both Box 1 as well as Box 2, do I fill out all the other boxes (3 - 20) in the second K-1?

[HelenaC]

No, do not enter boxes 3-20 twice. Doing so would be doubling your income, losses, expenses, etc.

• Create a K-1 with Box 1 and all  entry boxes that pertain to Box 1, then create a second K-1 with the information from box 2.
• Do not enter information from boxes (3-20) with the second K-1 unless it pertains directly to  Box 2.
• This will ensure that no double entries are made.

Related information:

• Where do I enter a K-1 that I received?