When entering multiple K1 because of Box 1 & 2...
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When entering multiple K1 because of Box 1 & 2 info, do I repeat Boxes 17, 18, 19 & 20 on successive forms?

 
5 Replies
Employee Tax Expert

When entering multiple K1 because of Box 1 & 2 info, do I repeat Boxes 17, 18, 19 & 20 on successive forms?

If you have to split your form K-1 because of box 1 and 2, then enter box 1 and boxes 17, 18, 19 and 20 on one form, and only box 2 on the second form.

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Returning Member

When entering multiple K1 because of Box 1 & 2 info, do I repeat Boxes 17, 18, 19 & 20 on successive forms?

I have a similar question...  my K-1 has boxes 1 and 2, I entered everything but box 2 on the first K-1, including purchase and sale info, then created another K-1 for the same property and only entered box 2.  The 2nd one asks for purchase and sale info again, and seems to double my taxes due.  Can I enter zero for the values on the 2nd K-1?

Expert Alumni

When entering multiple K1 because of Box 1 & 2 info, do I repeat Boxes 17, 18, 19 & 20 on successive forms?

More information may help resolve your issue.  For example, are you being asked for purchase and sale info because you indicated that you disposed of the K-1 entity during the year?

 

@austindan

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Returning Member

When entering multiple K1 because of Box 1 & 2 info, do I repeat Boxes 17, 18, 19 & 20 on successive forms?

That is correct.  The K-1 is marked as FINAL on the form.

Any suggestions on how to proceed, or other helpful information I can provide?

 

Many thanks,

Dan

Returning Member

When entering multiple K1 because of Box 1 & 2 info, do I repeat Boxes 17, 18, 19 & 20 on successive forms?

I just got off the phone with one of the TT CPA advisors, who was extremely helpful, so I thought I'd pass on the information.  In my case I have a K-1 1065 marked FINAL with boxes 1 and 2.  I entered in the full K-1 selecting only box 1 (not box 2), and all of the other information provided on the K-1.  Then I created another duplicate K-1 for the same property identification number, with only Box 2.  TT requires you answer some questions, so I did.  When done, it wouldn't allow me to finish without requiring entry of the purchase/sale dates, and the sale price and basis cost.  I found that doing so causes TT to say I owe the same tax in duplicate.  So the direction was to enter, on the 2nd K-1, the correct purchase/sale dates, and ZEROs in the sale and basis cost fields.  The same fields which were already entered properly in the first form.  This allowed the checks to go through with no errors, and I could finally file.  Thank you John!

 

I hope this helps someone else with a similar problem.

 

I will note that this is an area where TT can improve.  It does not handle the multiple K-1 forms very well at all, and not only requires you to enter the full name/address/EID information in again, but doesn't understand that you've already entered in this information once, and adjust accordingly.  Other than that, I love TT!

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