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
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:
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: