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Are you entering a partnership K-1? Please clarify.
To enter partnership income from a K-1, follow these directions.
At the screen Choose Type of Activity, click the hyperlink Learn more. The note will say:
If your K-1 shows more than one type of activity, treat each one separately. Enter all business items on one K-1, all real estate rental items on another K-1, and all other rental items on a third K-1.
So there will be one K-1 entry for box 1 income. There will be a second K-1 entry for box 2 income. The other boxes refer to either box 1 income, box 2 income or a combination. You may have attachments or detail which explains how those items break down. You may find qualified business income deduction information included in box 20 that refers to box 1, box 2 or both boxes of income.
Are you entering a partnership K-1? Please clarify.
To enter partnership income from a K-1, follow these directions.
At the screen Choose Type of Activity, click the hyperlink Learn more. The note will say:
If your K-1 shows more than one type of activity, treat each one separately. Enter all business items on one K-1, all real estate rental items on another K-1, and all other rental items on a third K-1.
So there will be one K-1 entry for box 1 income. There will be a second K-1 entry for box 2 income. The other boxes refer to either box 1 income, box 2 income or a combination. You may have attachments or detail which explains how those items break down. You may find qualified business income deduction information included in box 20 that refers to box 1, box 2 or both boxes of income.
thanks much for the response......yes, I am entering K-1 info in my TurboTax. I will enter a K-1 for amount in Box 1 and another K-1 for the amount in box 2. Now I just have to figure out which K-1 the other entries go with....thanks
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