How do I address these two errors on Turbotax? Thank you [PII deleted] For my Sunoco LP Schedule K-1, Box 1 has an amount that does not agree with the type of activity indicated. Turbotax suggests to include this amount on another K-1 worksheet to match it up with the type of activity. This doesn't make any sense to me.
You'll need to sign in or create an account to connect with an expert.
If your K-1 has more than one item filled in for boxes 1, 2, and/or 3, then you will actually enter two K-1s, one to report the income reported in box 1 and a second K-1 to handle the income reported in box 2 (and a third for box 3, if applicable). The second K-1 will have the same basic information as the first one (name, Federal ID number, etc.), but it will report the income for box 2.
As for the other items reported on the K-1, include everything but the income in box 2 on the first K-1. It should not matter which K-1 reports the other items, as long as all of the information is only entered one time.
This helps, many thanks for your quick response!
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
LCCarroll1
New Member
Rockpowwer
Level 2
spartacus
Returning Member
kbrew87
New Member
soden
New Member