When entering K1 with entries on lines 1-3 TurboTax says to enter separate K1's for each of the lines 1-3. Do I re-enter the data on lines 4-20 on all of the K1's?

[IreneS · Accepted solution]

No.  Enter the K-1 amounts using these steps:

• On the first copy of the K-1, enter line 1 plus all the other entries from the K-1 (lines 4-20).  Leave out the amounts on lines 2 and 3;
• On the second copy of the K-1, just enter the amount on line 2;
  
• On the third copy of the K-1, just enter the amount on line 3.
  

[ssmith2]

Should you also enter the Part II Information on the second copy of the K-1, or does it not matter? I have normally left that blank in Turbotax because it was entered on the first K-1 that was created for Line 1.

[DavidS127]

I recommend checking to see that the Part II information is there, in particular the at-risk status.

[Anonymous]

I would say that for box 20, watch the descriptions some may go with like 1 others with line 2 and still others with line 3.  this is especially important if there's info on line 20Z.

[AmeliesUncle]

As Hackinoff pointed out, the original answer is wrong.

While you don't enter the other boxes multiple times, you do need to enter the other boxes with the proper K-1 (Box 1, Box 2 or Box 3).  So you need to find out which those other boxes apply to.  If you are not sure, you need to ask whoever prepared the Business return and issued you the K-1.

[DavidS127]

HACKITOFF and AmeliesUncle are correct.  You must figure out how much of each box 4-20 is for the separate (box 1, box 2, box 3) activities, and that is the "split" you use to enter the separate K-1s for box 1, 2 and 3 amounts. 

The total of each numbered box for your separate K-1 forms must equal the total for that numbered box on the K-1 you actually received.  For example, all box 20 amounts on the separate K-1s should add up to the box 20 amount for the actual K-1 you received.  If you can't figure (deduce) that "split" from the information you have, you will need to contact the preparer of the K-1 to get those amounts. 

Note that if your K-1 has a Section 199A passthrough entity, that passthrough entity requires a separate K-1 as well.  And if the passthrough entity has both box 1 and box 2 or/and 3, those are separate passthrough K-1s.

@Anonymous

@AmeliesUncle

@ssmith2

[ssmith2]

I guess I am really confused now. I understand that there should be a separate K-1 entry in Turbotax for each of Lines 1, 2 and 3, but what I was wondering is if you should fill out the Form 1065 Part II information (all of the capital stuff, etc.) again for each additional Turbotax K-1 entry?

(BTW: It seems that after all of these years, Intuit would spend just a little bit of R&D time on this K-1 module to flesh out the instructions and the walk-through).

[DavidS127]

I should have been more clear.  If a Form 1065 K-1, in Part II I recommend that the information through Line I (India) be entered, and the appropriate at-risk answer under Line K.  Don't put the partner percentages or the partner capital account amounts on the additional K-1s.

@ssmith2

[DavidS127]

I should have been more clear.  If a Form 1065 K-1, in Part II I recommend that the information through Line I (India) be entered, and the appropriate at-risk answer under Line K.  Don't put the partner percentages or the partner capital account amounts on the additional K-1s.

@ssmith2