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why do i need to fill out the same K1 for 3 times because I have Box 1, 2, 3 activities?

why do i need to fill out the same K1 for 3 times because I have Box 1, 2, 3 activities?

I feel like this is redundant and is counting as 3 K1 form but it's actually only 1.
*I see that it decreases the tax return amount even though the k1 form has no gain.

Can someone help me? is this a bug?


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4 Replies

why do i need to fill out the same K1 for 3 times because I have Box 1, 2, 3 activities?

because Turbotax can't handle (won't allow) boxes 1, 2 and 3 on just one k-1 form. box 1 and other related boxes must go on one k-1, box 2 and other related boxes must go on the second k-1 and box 3 and other related boxes must go on the 3rd k-1.   

 

you may have been furnished a supplemental schedule which would have 3 columns for the boxes 1, 2 and 3 and then lines with amounts for the columns. it may be on the back of the k-1 or a separate schedule. 

why do i need to fill out the same K1 for 3 times because I have Box 1, 2, 3 activities?

Thank you for the explanation, appreciate it!

I have values in 3 boxes and filled in 3 seperate k-1. 
What do you mean related boxes must go on one k-1? How do i know which are the related boxes for each k-1?
I am think I enter it triple times with the same values since I dont know which "related boxes" go to which k-1.

"box 1 and other related boxes must go on one k-1, box 2 and other related boxes must go on the second k-1 and box 3 and other related boxes must go on the 3rd k-1."

 

why do i need to fill out the same K1 for 3 times because I have Box 1, 2, 3 activities?


@mangocart007 wrote:

How do i know which are the related boxes for each k-1?
I am think I enter it triple times with the same values since I dont know which "related boxes" go to which k-1.


 

Don't enter those other numbers three times.

 

You need to ask the person that prepared the K-1 about what the other boxes are for, and how much applies to the general business income (Box 1), the rental Real Estate income (Box 2) and the other rental income (Box 3) .

why do i need to fill out the same K1 for 3 times because I have Box 1, 2, 3 activities?

Thank you!

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