turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

DanielV01
Expert Alumni

How to enter information from Schedule K 1 form 1065, when box 1, ordinary business income and 2, rental income are checked. How do I allocate entries in box 5 thru 20?

@Seeking__  Just adding to what @AnnetteB6 said, you are best to associate the line entries with the income that generated them, if you have that information (for instance, if it was associated with Ordinary Business Income or with Rental Income).  If associated with both, or you are unsure, you may choose to prorate between both types of income.  Just make sure you do report the total amount no more than one time.  

 

Example:  You have a Line 10 that reports 1000.  If applicable, you can report that 1000 to either K-1 entry, or you can split it 500-500 or proportionately.  But you won't report 1000-1000 or 0-0.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

How to enter information from Schedule K 1 form 1065, when box 1, ordinary business income and 2, rental income are checked. How do I allocate entries in box 5 thru 20?

@DanielV01 Thanks for the additional commentary!  Very helpful.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies