Why is Schedule B listing k-1 interest and ordinary dividends twice when I created entries I was told to fill out one for box 1 and one for box2 ?

[mwilcox1]

We are working on our 1040 tax form and entering a K-1 which has box 1 and box 2 data. 

We have been told to enter two entries into Turbotax one for the box 1 and one for the box 2.

However,  Schedule B is now listing k-1 interest and ordinary dividends twice?

Which is not correct ? 

[JamesG1]

At the screen Choose Type of Activity, did you select This K-1 has more than one value in boxes 1, 2, and 3?

If so, you would have entered box 1 income in one 'pass' and box 2 income in the second 'pass'.

However, the interest and dividend income reported on the K-1 should only be entered once.  Interest and dividend income should be reported in either the first 'pass' or the second 'pass' but not both.

The only exception would be if the preparer of the K-1 reports to you that the interest and dividend income reported on the K-1 should be allocated across the two activities.

[mwilcox1]

Ahh, good catch.   Note, I had a K-1 from the same company last year, so it shows up as two entries. 

So, I went back in and I choose Type of Activity selected this K-1 has more than one value in boxes 1, 2, and 3.  And entered box 1 income in one entry and then was routed back to the selection screen where I selected the 2nd entry and I choose Type of Activity selected for this K-1 has more than one value in boxes 1, 2, and 3. 

After doing this action for both entries, the Schedule B, via open forms, still shows the interest twice ? 

How do I correct this ? 

[ThomasM125]

There may be a third K-1 entry in your program in error. I suggest you do the following delete form routine to see if three K-1's show up, if so you can delete one:

1. Choose the Tax Tools option on your left menu bar while working on your return

2. Choose Tools

3. Choose the Delete a form option under Other Helpful links 

4. Find the errant K-1 schedule and delete it

[mwilcox1]

I am using TurboTax Home and Business on my windows laptop and I don't see a 'Tax Tools ' options ?  

And under Tools there is no 'delete a form?"

Thoughts ? 

[VolvoGirl]

In the Desktop program to delete a form switch to Forms Mode, click Forms in the upper right (left  for Mac).  Then open the form and click on  Delete at at the bottom.  

[mwilcox1]

In the forms view I only see 2  K-1 entries, not 3 ?  Any other thoughts on why s Schedule B listing k-1 interest and ordinary dividends twice?

[DaveF1006]

It depends. If your Forms view shows only two K-1s, but Schedule B is double-reporting the data, it usually boils down to a synchronization error between the entry worksheets and the final forms. Here are the most common issues and how to resolve them.

If you imported your K-1 data electronically and then manually tweaked an entry, the software sometimes creates a "hidden" duplicate worksheet.

The Fix: Go to the "Tax Tools" or "Forms List" and look for a worksheet titled something like K-1 Partner Wks. Check if there are two worksheets for the same entity name. Sometimes one is a "placeholder" from an import that didn't fully merge with your manual entry.

Manual Entry vs. Schedule B Links

Tax software often allows you to enter interest in two places: directly on a Schedule B worksheet or within the K-1 entry screen.

The Issue: If you manually typed the interest into the Interest Income Worksheet (which feeds Schedule B) and entered it in Box 5 of the K-1 screen, the software may not be smart enough to realize they are the same payment.

The Fix: Check your Interest/Dividend "General" worksheets. If you see the K-1 issuer listed there as a standalone bank or entity, delete that specific line item. The K-1 entry should "push" the data to Schedule B automatically.

"Adjustments" or "Copy 2"

Look closely at the Schedule B descriptions. Are the amounts identical down to the cent? If one has a slightly different name (e.g., "Company LP" vs "Company LP - Accrued Interest"), the software thinks they are distinct sources.

The Fix: In Forms Mode, click on the line in Schedule B that is the "extra" one. It should highlight a "Source" button or link. Click it to see exactly which worksheet is generating that specific line.

 

The "Check for Errors" Loop

Sometimes, a corrupted "Estimated Entry" (data in red or italics) stays in the background calculations even after you've corrected the form.

The Fix: Save your file, close the program entirely, and restart. If that doesn't work, delete the K-1 entirely and re-enter it from scratch. It’s annoying, but it forces the software to clear the cached links to Schedule B.

@mwilcox1 

[mwilcox1]

Ok I will take a look.. thanks for the details.   M