Schedule K-1 Form 1041 and two types of Income - how to enter as two K-1s?

[snaztacular]

My K-1 1041 has two forms of income (listed in Part III boxes 6 &7).  Turbo Tax suggests I list each form of income on a separate K-1. Do I include all the info from the K-1(1041) I received on BOTH K-1s I create in Turbo Tax?

meaning :

The first K-1 will have all the info from boxes 1-14 EXCEPT box 7 (the net rental real estate income)

The second K-1 will have all the info from boxes 1-14 EXCEPT box 6 (the ordinary business income)

or do I

Enter all the info from boxes 1-14 EXCEPT box 7 on the first K-1 and

Create a second K-1 that ONLY has info from box 7

[HelenC12 · Accepted solution]

When entering the K-1 information, you do need to set up two separate K-1's. However, you don't enter the information twice. To enter your K-1's in TurboTax, you would do the latter option stated in your question: 

• Enter all the info from boxes 1-14 EXCEPT box 7 on the first K-1 and create a second K-1 that ONLY has info from box 7.