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I need to create multiplel K-1's for the same Partnership due to Part III entries of 1,2 and 3. Do I duplicate all entires in each section for each k-1.

 
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3 Replies
MargaretL
Expert Alumni

I need to create multiplel K-1's for the same Partnership due to Part III entries of 1,2 and 3. Do I duplicate all entires in each section for each k-1.

Please do not duplicate all the entries. Enter everything on the first K-1 form.  Then, when reporting line 2, enter only the same name and general information and line 2. Repeat the same for line 3.

Note: different types of income must have separate entries, that's why they must be entered as if they are from different K-1 forms. 

dsvanp
New Member

I need to create multiplel K-1's for the same Partnership due to Part III entries of 1,2 and 3. Do I duplicate all entires in each section for each k-1.

Box versus line is confusing to me

I need to create multiplel K-1's for the same Partnership due to Part III entries of 1,2 and 3. Do I duplicate all entires in each section for each k-1.

Confusing is right!   

What she said is:

"

Please do not duplicate all the entries. Enter everything on the first K-1 form.  Then, when reporting line 2, enter only the same name and general information and line 2. Repeat the same for line 3.

 

Note: different types of income must have separate entries, that's why they must be entered as if they are from different K-1 forms. "

 

I believe this SHOULD read:

 

"Please do not duplicate all the entries. Enter everything on the first K-1 form.  Then, when reporting line 2,  leave it blank On a NEW form enter only the same name and general information and add only line 2.  IF there is a line 3 Create a new form and Repeat the same process for line 3.

 

Note: different types of income must have separate entries, that's why they must be entered as if they are from different K-1 forms. "

 

I'm interpreting it - since the words line and form seem to be used interchangeably. The bottom line is for lines 1-4 TurboTax requires a separate K-1 form, even if they are combined on the one you downloaded from the source, or got in the mail. 

 

What a Nightmare... Can anyone else clarify?

 

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