When a single schedule K-1 shows multiple sources of income (in Boxes 1, 2 & 3), should ordinary gain in the Schedule K-1 be entered more than once into Turbotax?

[PaulW22]

Thank you.

Also, The back of my K-1 states "2021 Supplemental Information."

Box              Amount

i.e. 20 N        310

20Z                453

etc.

Do I have to enter these codes and amounts or only the ones on the front side?

Thank you

[JamesG1]

These two are box 20 items, both referring to the screen Enter Box 20 Info if not already reported.

Z-Section 199A information is used to generate a qualified business income deduction.  May also be reported at the screen We need some information about your 199A income as income?

@PaulW22

[bucks]

@IEnteredAUserNameLastYear I agree with you.  I've also been using TurboTax from 2015 until now and have never ran into this problem.  This is the 1st time I've had to create two K-1's for a Schedule K-1 for a single company.  I'm glad I found these threads, because I was going back and forth on all my documents trying to figure out where I messed up in my entries...  Lo and behold, it wasn't me, it's a software thing...?

[frank112]

Hi,

You stated that "The key here is that the information is only entered once between the two forms. "

My K1 has amounts in Part III box 1 and box 2.

I understand that TT requires me to enter 2 separate K1s.

Questions:

1. Which items of the K1 need to be entered on only 1 of the K1s?
2. Which items need to be entered in both K1s? 

Thanks!

[Mike9241]

we can't see the k-1 you got. yes, 2 are needed.in Turbotax.  the amount on any line is entered on one k-1 or the other but not both.  if a split is necessary then the partnership should have provided a supplemental schedule. maybe they did.  certain limes may not matter on which k-1 they're entered.  some lines may not be relevant because they are for itemized deductions some of which are no longer deductible for individuals. 

for example, interest or dividend income can go on either. QBI (line 20) information is generally specific to lines 1 and 2  so a breakdown is needed. 

best would be to contact the partnership if no supplement is provided. other than that you post the line numbers that have amounts(amounts not need), further help may be available. then post back in the same thread so your inquiries can be followed

[frank112]

Thanks for the reply.

You stated

" the amount on any line is entered on one k-1 or the other but not both. "

Does the above apply to only Part III of the K1?

That is I assume that Part I and II of the K1 will go on both K1s, correct?

====

In Part III

Boxes 1,2, 9c, 10, 19, and 20 have amounts in them.

====

There is the following additional info on the K1 statement:

SCHEDULE K-1 BUSINESS INTEREST EXPENSE, BOX 20, CODE N

BUSINESS INTEREST EXPENSE -
(INCLUDED IN RENTAL REAL ESTATE
INCOME (LOSS))

TOTAL TO SCHEDULE K-1, BOX 20, CODE N ($amount here)

====

SCHEDULE K-1 CURRENT YEAR NET INCOME (LOSS) AND
OTHER INCREASES(DECREASES)

DESCRIPTION AMOUNT TOTALS
ORDINARY INCOME (LOSS) ($amount1 here)
RENTAL REAL ESTATE INCOME (LOSS) ($amount2 here)
SECTION 1231 GAIN (LOSS) ($amount3 here)

SCHEDULE K-1 INCOME SUBTOTAL ($amount4 here).

NET INCOME (LOSS) PER SCHEDULE K-1 ($amount4 here).

====

There is

SCHEDULE K-1 FOOTNOTES
SECTION 199A INFORMATION, BOX 20, CODE Z:
ORDINARY INCOME (LOSS): REPORTED ON SCHEDULE K-1, LINE 1
RENTAL INCOME (LOSS): REPORTED ON SCHEDULE K-1, LINE 2
SECTION 1231 GAIN: REPORTED ON SCHEDULE K-1, LINE 10

Thanks in advance

[frank112]

Hi

Can an expert assist with my prior message to ensure my K1s entries are correct?

I have a desktop version of TT Home and Business which should have expert LIVE support, but the automation system does not allow me to get to the proper menu.

Thanks!

[BCB57]

Same exact question in 2023 -- thank you!  Too bad the TT pop-up doesn't volunteer that info...