Transferring K1 information to form 1040

[jimmieslade14426]

Using premier do I enter on form 1040 business income or loss (line 1) and line 2 net rental income on 1 K1 form?

[JamesG1]

In both TurboTax Online Premium and TurboTax Desktop Premier, at the screen Choose Type of Activity, select This K-1 reports amounts in more than one of boxes 1, 2, and 3.

The instructions read:

Since your K-1 reports amounts in more than one of boxes 1, 2, or 3, the partnership/LLC is involved in more than one type of activity. You should treat each activity separately in TurboTax.

Enter the business activity amount, box 1, on one K-1

Enter real estate rental activity amount, box 2, on another K-1

Enter other rental activity amount, box 3, on a third K-1.

Enter the IRS Schedule K-1 by following these directions.

• Down the left side of the screen, click on Federal.
• Down the left side of the screen, click on Wages & Income.
• Scroll down to S-corps, Partnerships, and Trusts and click the down arrow to the right.
• Select Start/Revisit to the right of Schedule K-1.
• At the screen Tell us about your Schedule K-1, you tell the software which Schedule K-1 you received.
• For several screens, you will be entering data right off the K-1 form.