You'll need to sign in or create an account to connect with an expert.
No, that is double counting. Because there is information in both Boxes 1 and 2, you will need to complete entries for one K-1 with all the information except for Box 2. Then, Add Another K-1 but only include the amount in Box 2 (don't enter the rest of the numbers for that one).
How about the capital information it asks you, when you start a "new" K-1 it asks you to fill out Begining Capital End Capital, do you do that only for the 2 of the K-1s or only if relevant.
How about the capital information it asks you, when you start a "new" K-1 it asks you to fill out Begining Capital End Capital, do you do that only for the 2 of the K-1s or only if relevant.
i followed this method and because box 1 had a loss BUT no other data entered for that second K1, IRS challenged it saying that since there was no investment shown at risk on that second k1, they disallowed the loss (above the standard $3000). THIS IS A PROBLEM WITH TURBO TAX NEEDS FIXING
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
fillini00
Level 2
theresa-chiang
New Member
yayaroon
Level 2
notthatkindofdr
New Member
ba169d841fe0
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.