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evanlee2019
New Member

Supplemental K-1 has multiple columns for each box. each column corresponds to a separate "passive activity". How do I enter the value for each box? do i add them up?

supplemental K-1 for ETP has multiple columns for each box. each column corresponds to a separate "passive activity". How do I enter the value for each box? do i add the values across the columns for each box? e.g. there are 4 passive activities, is the value for the box the sum of all the 4 activities?

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Accepted Solutions
nexchap
Level 7

Supplemental K-1 has multiple columns for each box. each column corresponds to a separate "passive activity". How do I enter the value for each box? do i add them up?

I assume you meant ET?

Within TT, you have to enter each separate passive entity as its own K-1.  So ET gets split into 4 different K-1s (and possibly more, if any of them have box 2 or 3 entries).  This is because each of those columns represent a different PTP / legal entity, and the PTP rules don't allow losses from one to offset income from another.

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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer. seasoned, TurboTax user. Use any advice accordingly!

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3 Replies
nexchap
Level 7

Supplemental K-1 has multiple columns for each box. each column corresponds to a separate "passive activity". How do I enter the value for each box? do i add them up?

I assume you meant ET?

Within TT, you have to enter each separate passive entity as its own K-1.  So ET gets split into 4 different K-1s (and possibly more, if any of them have box 2 or 3 entries).  This is because each of those columns represent a different PTP / legal entity, and the PTP rules don't allow losses from one to offset income from another.

**Say "Thanks" by clicking the thumb icon in a post
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer. seasoned, TurboTax user. Use any advice accordingly!

View solution in original post

evanlee2019
New Member

Supplemental K-1 has multiple columns for each box. each column corresponds to a separate "passive activity". How do I enter the value for each box? do i add them up?

Yes I am referring to ET and ETP.
Still confused: Box 2 and 3 are empty across all the columns, only box 1 and some others have multiple values. Do I still need to create a separate K-1 for each of the 6 "passive activities"?
nexchap
Level 7

Supplemental K-1 has multiple columns for each box. each column corresponds to a separate "passive activity". How do I enter the value for each box? do i add them up?

Yes.  Each separate entity (I assume the K-1 shows different FEINs for each) must be kept separate for tax purposes.
**Say "Thanks" by clicking the thumb icon in a post
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer. seasoned, TurboTax user. Use any advice accordingly!
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